Revealed in a trading update from the student accommodation provider, the new facility has allowed the refinancing of £395m in bonds in its Unite UK Student Accommodation Fund (USAF).

This completes refinancing activity in USAF with no maturities due before 2029.

The refinancing was incorporated in line with Unite’s guidance for a 4.1% weighted average cost of debt in FY2025.

Elsewhere, Unite revealed that as of 30th June its USAF portfolio was valued at £2.9bn, a 0.6% increase during the most recent quarter.

This reflects a quarterly rental growth of 1.3%.

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Unite’s London Student Accommodation Joint Venture (LSAV) was valued at £2.1bn, a 0.7% increase over the quarter.

Rental growth in this portfolio of 0.6% was achieved.

Overall, Unite is reiterating its FY2025 guidance for adjusted EPRA EPS of 47.5 to 48.25p.

"Student numbers are expected to increase for the 2025/26 academic year due to a growing UK 18-year-old population and improving trends in international student recruitment,” said Joe Lister, CEO at Unite.

“Sales momentum has picked up in recent weeks, in-line with our expectations for a later sales cycle, and we continue to target occupancy of at least 97%.

“Demand for our accommodation remains underpinned by our alignment to the UK's strongest universities and nomination agreements with our university partners."