Student housing giant Unite faced £400m loss amid property value slump
Unite Students, the UK's largest student landlord, reported a £417m pre-tax loss for the six months to June, reversing a £186m profit from the previous year. The FTSE 250 firm was hit by a £530m revaluation of its property portfolio and 'extremely challenging' building costs. Earnings slipped 2% to £142m. The company is cutting rents in cities like Leicester, Nottingham, and Sheffield to boost occupancy, targeting 94-96% occupancy this year. Unite plans to sell up to £400m of properties, focusing on top-tier universities, and has already disposed of £130m in assets. The firm criticized Labour's Renters' Rights Act, claiming it pushes private landlords out of the sector, and warned that high build costs make new developments viable only at rents above £300 per week, far above its current £190 average. Shares fell 3.4% in early trading.
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