Unite sells student property to Imperial College London

Unite, the London-listed developer and manager of student accommodation, has sold the Orient House property to Imperial College London. The sales price of £20.6 mln (EUR 26.1 mln) reflects a net initial yield of 5.6%

The 158-bed Orient House was described by Unite as non-core as it is a significant distance from the group's other London properties and was sold on behalf of the joint venture with GIC Real Estate, Unite Capital Cities. The property was previously leased to Imperial College London and Imperial now intends to use Orient House to extend its graduate accommodation service, GradPad.

Unite also sold Greenview Court, an 87-bed property in North London to a private investor for £6 mln. This wholly-owned asset does not have en-suite bathrooms and has been leased to a third party for 10 years.