Summary:
- Unite Group has sold its 571-bed St Pancras Way PBSA scheme in London to USAF for £186 million, receiving around £115 million in cash and the remainder in new USAF units, increasing its stake in USAF to 32%.
- The disposal aligns with Unite’s strategy to accelerate annual disposals to £300-400 million, enabling the group to remain invested in a prime London asset while boosting management fee income and freeing capital for higher-return investments.
- Unite’s board approved an extension of the share buyback programme by up to £65 million, increasing the total buyback to £165 million, with £98 million already spent acquiring 19.3 million shares at an average price of 504p.
Original article:
https://benews.co.uk/unite-group-completes-disposal-of-london-pbsa-asset/
