Business
Disposal update and extension of share buyback
Unite Group has completed the disposal of St Pancras Way to USAF for £186 million, receiving £115 million in cash and increasing its ownership in USAF to 32%, while also extending its share buyback programme by an additional £65 million, bringing the total to £165 million. To date, Unite has repurchased £98 million of its shares under the initial programme, and the extended buyback will be funded by disposal proceeds, with the remainder allocated to capital expenditure for developments and university partnerships. The company remains on track with its accelerated disposal programme, aiming for £300-400 million in proceeds for 2026. Disclaimer*
About this update from Unite Group Plc
[{"type":"text","content":"\n\nPRESS RELEASE\n11 May 2026\nTHE UNITE GROUP PLC\n('Unite Group, 'Unite', the 'Group', or the 'Company')\nDISPOSAL UPDATE AND EXTENSION OF SHARE BUYBACK\n \nUnite Group, the UK's leading owner, manager and developer of student accommodation, today announces that it has completed the disposal of St Pancras Way to USAF and extended its share buyback programme.\n \nDisposal of St Pancras Way\nFurther to the announcement on 24 February 2026, Unite has now completed the sale of St Pancras Way to USAF for £186 million (Unite share: £126 million). The disposal price represents a 1% discount to December 2025 book value. Unite will receive approximately £115 million in cash consideration and the balance in new USAF units net of retentions for committed capex. The new USAF units will increase Unite's ownership of USAF to 32% (December 2025: 30%).\n \nThe disposal to USAF means the Group remains invested in a high-quality London asset, while enhancing management fee income and releasing capital.\n \nUse of proceeds and share buyback programme\nThe Board has approved the return of up to an additional £65 million of surplus capital to shareholders through an extension of the share buyback programme of the Company's ordinary shares of 25 pence each announced in January (the 'Buyback Programme'). In aggregate the Buyback Programme is now £165 million.\n \nTo date, we have acquired 19.3 million shares at an average cost of 504p and in total repurchased £98 million out of the initial £100 million Buyback Programme.\n \nThis reflects confidence in Unite's long-term prospects and high-quality balance sheet and represents a highly attractive investment opportunity for the Company. This tranche will be funded through proceeds from the disposal of St Pancras Way with the balance of proceeds allocated to funding capex for existing on-site developments and university partnerships. Future capital allocation will be kept under review as we continue to progress with our accelerated disposal programme, which is on track to deliver £300-400 million (Unite share) of proceeds in 2026.\n \n \nENDS\n \n \nFor further information, please contact:\n \nUnite Group\nJoe Lister / Mike Burt / Saxon Ridley &n...