Exchange Works and Prospect Point, PGIM, p Unite Students

Exchange Works is off Arundel Street in Sheffield, while Prospect Point sits off Moira Street in Liverpool. Credit: via Unite Students

Unite sells PBSA projects for £184m

PGIM Real Estate has picked up six of the developer’s student accommodation properties, including Prospect Point in Liverpool and Exchange Works in Sheffield.

Unite Students noted that the developments have an average age of 18 years, which makes them on the older side of the group’s portfolio – which averages 13 years.

“These disposals continue our disciplined approach of recycling capital for reinvestment and further increases our alignment to the strongest universities,” said Joe Lister, chief executive of Unite Students.

“The growth outlook for purpose-built student accommodation remains compelling and we are tracking a number of new investment opportunities at attractive returns,” he continued.

The properties had gone on the market in December and were priced in line with book value, according to Unite. The group said the prices reflected a net operating income yield of 6.2%.

In addition to the 635-bed Prospect Point in Liverpool and 437-bed Exchange Works in Sheffield, the other sold properties are:

  • the 596-bed Jennens Court in Birmingham
  • the 253-bed North Court in Cardiff
  • the 219-bed Grange in Leicester
  • the 808-bed St Peter’s Court in Nottingham

In total, the projects account for 2,948 beds.

Unite may be selling, but it is also still building. The PBSA developer is working with Newcastle University to deliver 2,000 beds at the Castle Leazes estate – a scheme that is expected to have construction start early next year.

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