Unite Students has sold the 571-bed St Pancras Way purpose-built student accommodation (PBSA) scheme to the Unite UK Student Accommodation Fund (USAF) for £186m.
The sale of the asset, which is subject to technical due diligence, represents a circa 1% discount to its December 2025 book value and a net operating income yield of 4.7%.
The transaction will be funded by existing cash headroom in USAF and the issue of new USAF units, to be fully underwritten by Unite.
St Pancras Way was developed by Unite in 2014 and is fully nominated to University College London for the 2026/27 academic year. A light refurbishment of the common areas will complete later this year.
Joe Lister, chief executive of Unite Students, said: “The disposal of St Pancras Way is part of the group’s strategy to accelerate disposals to £300m to £400m per annum. The sale to USAF means we remain invested in a high quality London asset, while enhancing management fee income and releasing capital for reinvestment into higher-returning opportunities in accordance with our capital allocation priorities.”
