Unite Group (LSE:UTG), the UK's largest owner, manager and developer of purpose-built student accommodation, has agreed to sell its 444-bed King's Place development site for £60 million.
The buyer is an affiliate of Far East Orchard, with the sale priced at a 3% discount to the site's June 2026 book value and expected to complete in mid-October.
Unite has now agreed or completed disposals worth £200 million in 2026 at a weighted average net operating income yield of 3.0% (Unite's share), a tally that includes several non-income producing sites.
The company is running an accelerated disposal programme targeting £300-400 million (Unite share) of proceeds this year, part of a broader push to concentrate its portfolio around the UK's strongest universities.
In May, Unite completed the £186 million sale of its St Pancras Way asset to USAF, lifting its stake in that fund to 32%, with proceeds earmarked for share buybacks and on-site capital expenditure.
The King's Place sale was already factored into Unite's adjusted earnings per share guidance of 41.5-43.0p for FY2026, which remains unchanged.
"It successfully realises value from a development project which no longer meets our return requirements and reflects our focus on delivering the best outcomes for shareholders," chief executive Joe Lister said.
Unite reiterated it remains on track to hit the top end of its 2026 disposal target.