Insights > Deals
Unite completes the sales of St Pancras Way for £186m
11 May 2026 | Asset Acquisition | UK | 571 beds | Operational
Unite Students has continued its property disposal programme with the sale of a building in London to the Unite UK Student Accommodation Fund (USAF).
Key details
Asset type | Operational |
Location | London, UK |
Capacity | 571 beds |
Buyer | USAF |
Seller | Unite Students |
Value | £186 million |
Source: Unite Students
Developed by Unite Students in 2014, St Pancras Way is fully leased to University College London for the 2026/27 academic year. A refurbishment programme focused on enhancing the scheme’s communal areas is scheduled for completion later this year.
The £186 million transaction was agreed at approximately a 1% discount to the asset’s December 2025 book value, reflecting a net operating income yield of 4.7%.
Strategic context
Funding for the acquisition will be supported through existing liquidity within USAF alongside the issuance of new USAF units, fully underwritten by Unite. Depending on the extent to which existing USAF investors exercise their pre-emption rights, Unite’s stake in the fund is expected to increase from 30% to up to 32%.
The company anticipates receiving minimum net cash proceeds of £115 million and intends to maintain an ownership position of around 30% in USAF over the medium term.
SUBSCRIBE TO STUDENT HOUSING INSIDER
Stay close to the student housing market
Subscribe to Student Housing Insider for a weekly update on student housing transactions, development pipeline, market trends and selected BONARD analysis.
Designed for investors, developers, operators, lenders and market participants tracking the student housing sector.