Unite Group lifted by UK student fund

UNITE Group, Britain&rsquo;s biggest developer of student housing, said the net asset value of its flagship fund rose 4.1 per cent in the second quarter, bucking turbulent conditions in the broader property market.<br /><br />The estimated net asset value (NAV) of the Unite UK Student Accommodation Fund at 30 June rose to 71.2p per unit versus 68.4p per unit at end-March.<br /><br />The property portfolio was independently valued at &pound;869m in line with the March valuation but continued rental growth in respect of the 2009/10 academic year resulted in a marginal 0.03 per cent increase in the underlying gross property values during the second quarter.<br /><br />Unite&rsquo;s chief financial officer Joe Lister said: &ldquo;The fund&rsquo;s strong relative performance in the second quarter of 2009 highlights the continued resilience of student accommodation compared to the broader real estate sector.&rdquo; Unite said it continues to have 99 per cent occupancy across its student accommodation portfolio.