Revealed as part of a Q3 trading update, this has led to a valuation increase of the group’s portfolio.

Rental growth of 1.9% within the quarter for the Unite UK Accommodation Fund contributed to a 1.5% increase in valuations. As part of a 4.4% increase in valuation in 2024, this portfolio was independently valued at £2.9bn at the end of September.

Likewise, rental growth of 2.5% was achieved in the quarter for the group’s London Student Accommodation Joint Venture. This led to a 1.6% increase in value in the quarter - and 5.3% over the year - to being independently valued at £2bn at the end of September.

Based on these figures, Unite is anticipating rental growth of 5-6% for the 2025/26 academic year.

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“We have made good progress with the delivery of our record development pipeline and deploying the proceeds of our recent capital raise,” said Joe Lister, CEO of Unite, referring to the £450m raised earlier in the year.

“The projects will deliver much needed new student homes in some of the UK’s strongest university cities and help to ease wider housing shortages.”

Unite’s development pipeline is fully funded and will deliver 4,600 beds between 2025 and 2028. This will have a total cost of £913m.

The group added that new regulations, in the form of the Building Safety Act, will add six months to the delivery of PBSA properties.

In light of these, Unite is progressing with cladding remediation across its estate in 13 active projects.

In the third quarter the group also successfully concluded a claim against a contractor for £18m. Unite expects most of these remediation costs to be recoverable.

Net of the amount gained in this claim, Unite is making total fire safety provisions of up to £40m in 2024.