Unite Group PLC (The) Extension to rental discount (7864N)
03 Febbraio 2021 - 8:00AM
UK Regulatory
TIDMUTG
RNS Number : 7864N
Unite Group PLC (The)
03 February 2021
PRESS RELEASE
3 February 2021
THE UNITE GROUP PLC
('Unite Students', 'Unite', the 'Group', or the ' Company ')
EXTENSION TO RENTAL DISCOUNT
Unite Students, the UK's leading owner, manager and developer of
student accommodation, today announces an extension to its 50% rent
discount for students, originally announced on 11 January. This
takes the total discount period to seven weeks, in light of the
Government's continuation of the UK's lockdown restrictions to 8
March 2021.
All eligible students who applied for the four-week 50% rent
discount will now receive the additional three-week 50% discount
automatically. In addition, eligible students will be given a
4-week complimentary extension of their tenancy agreement at the
end of the academic year to extend their stay into the summer. The
rental discount and tenancy extension will be available to all
students checked-in but not living in their accommodation between
18 January and 7 March 2021. Approximately half of checked-in
students have now returned to our buildings.
The loss of rental income associated with the additional
three-week rental discount is up to GBP6 million, equivalent to 1.5
pence of EPRA EPS for the 2021 financial year. This further
three-week extension results in a total cost for the seven-week
rental discount and tenancy extension of up to GBP15 million or 4
pence.
Trading update
We have now collected 91% of rent due to date for the 2020/21
academic year. This reflects successful term one rent collection of
96% and a positive start to term two rent collection at 84% to
date. To be eligible for the seven-week rent discount, students are
required to be up to date with their rental payments as of 14
February 2021.
The strong cash collection to date for term two means we retain
headroom against all of our debt covenants, even after allowing for
the maximum potential take-up of the seven-week rental
discount.
Richard Smith, Unite Students Chief Executive Officer, commented
:
"Supporting students has been our priority throughout the
Covid-19 pandemic, and we will continue to play our part during
these exceptional circumstances. We recognise this is a challenging
time for students, which is why we've extended our current 50% rent
discount period.
"All our properties remain open for the tens of thousands of
students who are still living in their accommodation, with our
staff on hand to help. Our focus is on keeping all our students and
our staff safe across all our properties.
"We also continue to work closely with our University partners
and will review any material changes in the Government's guidance
on Universities remaining open."
ENDS
For further information, please contact:
Unite Students
Richard Smith / Joe Lister / Michael Burt Tel: +44 117 302 7005
Unite press office Tel: +44 7754 749 301
Powerscourt
Justin Griffiths / Victoria Heslop Tel: +44 20 7250 1446
About Unite Students
Unite Students is the UK's largest owner, manager and developer
of purpose-built student accommodation, serving the country's
world-leading Higher Education sector. We provide homes to 76,000
students across 180 properties in 27 leading University towns and
cities. We currently partner with over 60 Universities across the
UK.
Our people are driven by a common purpose: to provide a 'Home
for Success' for the students who live with us. Unite's
accommodation is safe and secure, high quality and affordable.
Students live predominantly in ensuite study bedrooms, with rents
covering all bills, insurance, 24-hour security and high-speed
Wi-Fi. We also hold a five-star British Safety Council audit
rating.
Founded in 1991 in Bristol, Unite Group is an award-winning Real
Estate Investment Trust (REIT), listed on the London Stock Exchange
and a member of the FTSE 250 Index. Unite is invested in and
operates two specialist funds and joint ventures with institutional
investment partners: the GBP3 billion Unite UK Student
Accommodation Fund (USAF) and the GBP1 billion London Student
Accommodation Vehicle (LSAV).
For more information, visit:
Unite's corporate website www.unite-group.co.uk
The student site www.unitestudents.com
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END
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