Overview
- The 605-bed TP Paddington development was scrapped as not financially viable, resulting in a £10m planning write-off.
- The 500-bed Freestone Island project in Bristol was put on hold, releasing about £55m of capital as the company scales back off-campus development.
- Pre-lets for 2026–27 stand at 64%, down from 67% at the same point last year, indicating a slower start to the booking cycle.
- Guidance now points to 93%–96% occupancy and 2%–3% rent growth next year versus about 95% occupancy and 4% rent growth this year.
- Unite announced a £100m share buyback funded by reduced development activity, while fund values declined modestly and portfolio yields moved higher.