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},
"fact_ifrs-full_StatementOfIFRSCompliance_D2021379806_CY": {
"value": "The Company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2013 Reduced disclosure
framework (FRS 101), and the Group financial statements have been prepared in accordance with International Financial Reporting
Standards as adopted by the United Kingdom (Adopted IFRS), in conformity with the Companies Act 2006, and approved by the
Directors. On publishing the Company financial statements here together with the Group financial statements, the Company is taking
advantage of the exemption in s408 of the Companies Act 2006 not to present its individual income statement and related notes.
The Company is also taking advantage of the FRS 101 disclosure exemptions from requirements of IFRS 7, IFRS 13 and IAS 1 including
presenting a Company statement of cash flows.
",
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}
},
"fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D170997585_CY": {
"value": "Basis of consolidation
Subsidiaries are those entities controlled by the Company. Control exists when the Company has an existing right that gives it
the current ability to direct the relevant activities of the subsidiary, has exposure or right to variable returns from its involvement
in the subsidiary and has the ability to use its power to affect its returns. The financial statements of subsidiaries are included in
the consolidated financial statements from the date that control commences until the date that control ceases. Intra-Group balances
and transactions, and any unrealised gains and losses arising from intra-Group transactions, such as property disposals and
management fees, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with
joint ventures are eliminated to the extent of the Group\u2019s retained interest in the entity. Unrealised losses are eliminated in the same
way as unrealised gains except where the loss provides evidence of a reduction in the net realisable value of current assets or an
impairment in the value of non-current assets.
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}
},
"fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_D1467306331_CY": {
"value": "Measurement convention
The financial statements are prepared on the historical cost basis except for investment property (owned), investment property
(leased), investment property (under development), assets classified as held for sale, investments in subsidiaries and interest rate
swaps all of which are stated at their fair value.
",
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}
},
"fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D1421368286_CY": {
"value": "Going concern
In determining the appropriate basis of preparation of the financial statements, the Directors are required to consider whether the
Group can continue in operational existence for at least 12 months from the date of this report. Following the acquisition of Empiric
Student Property plc on 28th January 2026, the Group has also considered the impact of Empiric\u2019s cash flows and covenants in its
going concern assessment.
The Directors have considered a range of scenarios for future performance through the 2025/26 and 2026/27 academic years.
This included a base case assuming cash collection and performance for the 2025/26 academic year remains in line with current
expectations and sales performance for the 2026/27 academic year is consistent with published guidance; and a reasonable worst-
case scenario where income for the 2026/27 academic year is impacted by reduced sales, equivalent to occupancy of around 90%.
The impact of our sustainability asset transition plans are included within the capex element of our cash flows, which have been
modelled to align with the Group\u2019s net zero carbon targets.
Under each of these scenarios, the Directors are satisfied that the Group has suffcient liquidity and will maintain covenant
compliance over the next 12 months. To further support the Directors\u2019 going concern assessment, a \u2018Reverse Stress Test\u2019 was
performed to determine the level of performance at which adopting the going concern basis of preparation may not be appropriate.
This involved assessing the minimum amount of income required to ensure financial covenants would not be breached. Within the
tightest covenant, occupancy could fall to approximately 80% in the Group and 68% in the funds before a breach would occur. The
Group has capacity for property valuations to fall by around 30% in the Group and 35% in the funds before a breach of LTV and
gearing covenants in facilities where such covenants exist. Were income or asset values to fall beyond these levels, the Group has
certain cure rights, such that an immediate default could be avoided.
The Directors are satisfied that the possibility of such an outcome is suffciently remote that adopting the going concern basis
of preparation is appropriate.
Accordingly, after making enquiries and having considered forecasts and appropriate sensitivities, the Directors have formed
a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of
these financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfChangesInAccountingPoliciesExplanatory_D938789699_CY": {
"value": "Standards and interpretations effective in the current period
The accounting policies used in these financial statements are consistent with those applied in the last annual financial statements,
as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in
the year as listed below. These amendments did not have a material impact on the Group\u2019s consolidated financial statements.
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments
\u2022 Annual Improvements to IFRS Accounting Standards Volume 11\u2013 IFRS 7 Financial Instruments: Disclosures and its accompanying
Guidance on implementing IFRS 7, IFRS 9, IFRS 10, and IAS 7.
Impact of accounting standards and interpretations in issue but not yet effective
At the date of approval of these financial statements there are a number of new standards and amendments to existing standards
in issue but not yet effective. The Group has not adopted the new or amended standards in preparing these consolidated financial
statements. The standards are set out below:
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements.
The Group expects that IFRS 18 will result in changes to the presentation of the consolidated statement of profit or loss and
related disclosures, including the presentation of operating profit and reconciliation of performance measures. The standard is not
expected to impact the recognition or measurement of the Group\u2019s assets, liabilities, income or expenses. The Group will apply the
standard retrospectively from 1 January 2027 and will restate comparative information accordingly. The detailed impact is currently
being assessed.
There were no other standards or amendments effective for the first time in the current period that had a material impact on
the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_D1226599657_CY": {
"value": "Standards and interpretations effective in the current period
The accounting policies used in these financial statements are consistent with those applied in the last annual financial statements,
as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in
the year as listed below. These amendments did not have a material impact on the Group\u2019s consolidated financial statements.
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Amendments to the Classification and Measurement of Financial Instruments
\u2022 Annual Improvements to IFRS Accounting Standards Volume 11\u2013 IFRS 7 Financial Instruments: Disclosures and its accompanying
Guidance on implementing IFRS 7, IFRS 9, IFRS 10, and IAS 7.
Impact of accounting standards and interpretations in issue but not yet effective
At the date of approval of these financial statements there are a number of new standards and amendments to existing standards
in issue but not yet effective. The Group has not adopted the new or amended standards in preparing these consolidated financial
statements. The standards are set out below:
\u2022 IFRS 18 Presentation and Disclosure in Financial Statements.
The Group expects that IFRS 18 will result in changes to the presentation of the consolidated statement of profit or loss and
related disclosures, including the presentation of operating profit and reconciliation of performance measures. The standard is not
expected to impact the recognition or measurement of the Group\u2019s assets, liabilities, income or expenses. The Group will apply the
standard retrospectively from 1 January 2027 and will restate comparative information accordingly. The detailed impact is currently
being assessed.
There were no other standards or amendments effective for the first time in the current period that had a material impact on
the Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D1980126574_CY": {
"value": "Critical accounting judgements and key sources of estimation uncertainty
The Group\u2019s significant accounting policies are stated in the relevant notes to the Group financial statements. The preparation of
financial statements requires management to exercise judgement in applying the Group\u2019s accounting policies. It also requires the use
of estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses.
Critical accounting judgements
The areas which involve a high degree of judgement or complexity in applying the accounting policies of the Group are explained
in more detail in the accounting policy descriptions in the related notes to the financial statements. Classification of joint venture
vehicles (note 3.4) has the most significant impact on the financial statements of the Group.
Key sources of estimation uncertainty
The estimates and associated assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Estimates and assumptions are reviewed on an ongoing basis with revisions recognised in the period in which the estimates are
revised and in any future periods affected. The areas involving the most sensitive estimates and assumptions that are significant to
the financial statements are valuation of investment property and investment property under development (note 3.1).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_utg_DisclosureOfResultsForTheYearExplanatory_D1847118753_CY": {
"value": "Section 2: Results for the year
This section focuses on the results and performance of the Group and provides a reconciliation between the primary
statements and EPRA performance measures. On the following pages you will find disclosures explaining the Group\u2019s
results for the year, segmental information, taxation, earnings and net tangible asset value (NTA) per share.
The Group uses EPRA earnings, adjusted earnings and NTA movement as key comparable indicators across other
real estate companies in Europe. EPRA earnings, adjusted earnings and NTA movement are Alternative Performance
Measures (APMs), further details of which are set out on page 204..
IFRS performance measures
| | 2025 | 2024 | 2025 | 2024 |
| Note | \u00a3m | \u00a3m | pps | pps |
| Profit after tax | 2.2b | 97.6 | 441.9 | 19.9 | 96.3 |
| Net assets | 2.3d | 4,733.8 | 4,811.5 | 967. 5 | 982 |
EPRA performance measures
| | 2025 | 2024 | 2025 | 2024 |
| Note | \u00a3m | \u00a3m | pps | pps |
| EPRA earnings | 2.2c | 217.7 | 201.9 | 44.5 | 44.0 |
| Adjusted earnings * | 2.2c | 232.3 | 213.8 | 47.5 | 46.6 |
| EPRA NTA | 2.3d | 4,684.9 | 4,758.4 | 955 | 972 |
* Adjusted earnings are calculated as EPRA earnings after adding back software as a service costs net of deferred tax (see note 2.2a), in order
to re\ue235ect the performance of the Group\u2019s underlying operating activities.
2.1 Segmental information
The Board of Directors monitors the business along two activity lines:
The Operations segment manages rental properties, owned directly by the Group or by joint ventures. Its revenues are derived from
rental income and asset management fees earned from joint ventures. The way in which the Operations segment adds value to the
business is set out in the Operations review on page 23. The Operations segment is the main contributor to adjusted earnings and
adjusted EPS and these are therefore the key indicators which are used by the Board to monitor the Group\u2019s financial performance.
The Board does not manage or monitor the Operations segment through the balance sheet and therefore no segmental information
for assets and liabilities is provided.
The Group\u2019s Property business undertakes the acquisition and development of properties. The way in which the Property segment
adds value to the business is set out in the Property review on page 29.
The reportable segments for the years ended 31 December 2025 and 31 December 2024 are Operations and Property.
The Group undertakes its Operations and Property activities directly and through joint ventures with third parties. The joint ventures
are an integral part of each segment and are included in the information used by the Board to monitor the business.
Detailed analysis of the performance of each of these reportable segments is provided in the following sections 2.2 to 2.3. The
Group\u2019s properties are located exclusively in the United Kingdom.
2.2 Earnings
EPRA earnings and adjusted earnings amend IFRS measures by removing principally the unrealised investment property valuation
gains and losses such that users of the financial statements are able to see the extent to which dividend payments (dividend per
share) are underpinned by earnings arising from operational activity. In accordance with the IFRIC guidance, costs relating to
software as a service arrangements are expensed as incurred and excluded from adjusted earnings, rather than being capitalised.
The reconciliation between profit attributable to owners of the Parent Company and EPRA earnings is available in note 2.2b.
2.2a) EPRA earnings
| 2025 | | | Share of joint ventures | | |
| Unite | | | | |
| Students | USAF | LSAV | Total | |
| | | | | Group on |
| | | | | EPRA Basis |
| | | | | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Rental income | 307.7 | 59.2 | 61.3 | 120.5 | 428.2 |
| Property operating expenses | (99.4) | (19.6) | (15.2) | (34.8) | (134.2) |
| Net operating income | 208.3 | 39.6 | 46.1 | 85.7 | 294.0 |
| Management fees | 22.2 | (4.9) | - | (4.9) | 17.3 |
| Overheads | (47.1) | (0.6) | (0.8) | (1.4) | (48.5) |
| Interest on lease liabilities | (7.6) | - | - | - | (7.6) |
| Net financing costs | (9.1) | (12.8) | (17.2) | (30.0) | (39.1) |
| Operations segment result | 166.7 | 21.3 | 28.1 | 49.4 | 216.1 |
| Property segment result | 5.0 | - | - | - | 5.0 |
| Unallocated to segments | (2.9) | (0.2) | (0.3) | (0.5) | (3.4) |
| EPRA earnings | 168.8 | 21.1 | 27.8 | 48.9 | 217.7 |
| Software as a service costs | 14.6 | - | - | - | 14.6 |
| Adjusted earnings | 183.4 | 21.1 | 27.8 | 48.9 | 232.3 |
Included in the above is rental income of \u00a320.7 million and property operating expenses of \u00a311.6 million relating to sale and leaseback
properties. Included in the above is also rental income of \u00a34.1 million and property operating expenses of \u00a31.2 million, relating to a build-to
rent property. Unallocated to segments includes the fair value of share-based payments of (\u00a31.5 million), contributions to the Unite Foundation
and social causes of (\u00a31.0 million), a deferred tax credit of \u00a33.3 million and current tax charge of (\u00a33.1 million). Depreciation and amortisation
totalling (\u00a36.9 million) is included within overheads. The software as a service costs are presented net of deferred tax of \u00a34.8 million.
| 2024 | | | | | |
| | | Share of joint ventures | | |
| | | | | Group on |
| | | | | EPRA basis |
| Unite | | | | |
| Students | USAF | LSAV | Total | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Rental income | 282.0 | 59.0 | 57.0 | 116.0 | 398.0 |
| Property operating expenses | (87. 2) | (20.7) | (14.0) | (34.7) | (121.9) |
| Net operating income | 194.8 | 38.3 | 43.0 | 81.3 | 276.1 |
| Management fees | 21.9 | (4.6) | - | (4.6) | 17. 3 |
| Overheads | ( 37. 5) | (0.5) | (0.4) | (0.9) | (38.4) |
| Interest on lease liabilities | (8.8) | - | - | - | (8.8) |
| Net financing costs | (6.9) | (11.5) | (16.8) | (28.3) | (35.2) |
| Operations segment result | 163.5 | 21.7 | 25.8 | 47.5 | 211.0 |
| Property segment result | (3.8) | - | - | - | (3.8) |
| Unallocated to segments | (4.8) | (0.2) | (0.3) | (0.5) | (5.3) |
| EPRA earnings | 154.9 | 21.5 | 25.5 | 47.0 | 201.9 |
| Software as a service costs | 11.9 | - | - | - | 11.9 |
| Adjusted earnings | 166.8 | 21.5 | 25.5 | 47.0 | 213.8 |
Included in the above is rental income of \u00a320.3 million and property operating expenses of \u00a311.5 million relating to sale and leaseback
properties. Included in the above is also rental income of \u00a34.0 million and property operating expenses of \u00a31.2 million, relating to a build-to-
rent property. Unallocated to segments includes the fair value of share-based payments of (\u00a32.3 million), contributions to the Unite Foundation
and social causes of (\u00a30.6 million), a deferred tax credit of \u00a32.6 million and current tax charge of (\u00a35.1 million). Depreciation and amortisation
totalling (\u00a35.7 million) is included within overheads. The software as a service costs are presented net of deferred tax of \u00a34.0 million.
2.2b) IFRS reconciliation to EPRA earnings and adjusted earnings
EPRA earnings excludes movements relating to changes in values of investment properties (owned, leased and under development),
profits/losses from the disposal of properties, swap/debt break costs and other non-underlying items which are included in the profit
reported under IFRS. EPRA earnings and adjusted earnings reconcile to the profit attributable to owners of the Company as follows:
| | 2025 | |
| | | 2024 |
| Note | | \u00a3m |
| | \u00a3m | |
| Profit attributable to owners of the Parent Company | | 97.6 | 441.9 |
| Net valuation losses/(gains) on property (owned) | 3.1 | 72.3 | (186.7) |
| (Gains)/losses on property disposals (owned) | | 1.3 | 9.8 |
| Write-off of inventories and other fixed assets | | 12.0 | - |
| Net valuation losses on property (leased) | 3.1 | 12.9 | 1.9 |
| Amortisation of fair value of debt recognised on acquisition | | (2.3) | (4.1) |
| Share of JV gains on investment property | 3.3b | (5.2) | (67.0) |
| Share of JV losses on property disposals | 3.3b | 1.6 | 2.4 |
| Swap cancellation and loan break costs | 4.3 | - | 3.1 |
| Mark to market changes in interest rate swaps | 4.3 | 22.5 | 0.4 |
| Current tax relating to property disposals | | - | 0.2 |
| Deferred tax | 2.5d | (1.2) | - |
| Cladding compensation | | (3.5) | - |
| Costs relating to the acquisition of Empiric | | 4.9 | - |
| Restructuring costs | | 4.8 | - |
| EPRA earnings | | 217.7 | 201.9 |
| Software as a service costs | | 14.6 | 11.9 |
| Adjusted earnings | | 232.3 | 213.8 |
2.2c) Earnings per share
Basic EPS calculation is based on the earnings attributable to the equity shareholders of The Unite Group PLC and the weighted
average number of shares which have been in issue during the year. Basic EPS is adjusted in line with EPRA guidelines in order to
allow users to compare the business performance of the Group with other listed real estate companies in a consistent manner and
to re\ue235ect how the business is managed on a day-to-day basis. The calculations of basic and EPRA EPS and adjusted EPS for the year
ended 31 December 2025 and 2024 are as follows:
| | 2025 | | | |
| | | 2024 | | |
| | | | 2025 | |
| | | | | 2024 |
| Note | \u00a3m | | | |
| | | \u00a3m | | |
| | | | pps | |
| | | | | pps |
| Basic | | 97.6 | 441.9 | 19.9 | 96.3 |
| Diluted | | | | 19.9 | 96.1 |
| EPRA | 2.2b | 217.7 | 201.9 | 44.5 | 44.0 |
| Diluted EPRA | | | | 44.5 | 43.9 |
| Adjusted earnings | 2.2b | 232.3 | 213.8 | 47.5 | 46.6 |
| Diluted adjusted earnings | | | | 47.5 | |
| | | | | 46.5 |
| Weighted average number of shares (thousands) | 2025 | 2024 |
| Basic | 489,258 | 458,969 |
| Dilutive potential ordinary shares (share options) | 758 | 1,087 |
| Diluted | 490,016 | 460,056 |
Movements in the weighted average number of shares have resulted from the equity raise in July 2024, employee share-based
payment schemes and the scrip dividend.
In 2025, there were 231,792 options excluded from the potential dilutive shares that did not affect the diluted weighted average
number of shares (2024: 37,319).
2.3 Net assets
2.3a) EPRA NTA
EPRA NTA makes adjustments to IFRS measures by removing the fair value of financial instruments and the carrying value of
intangibles. The reconciliation between IFRS NAV and EPRA NTA is available in note 2.3c.
| 2025 | | | | | | |
| Unite | | | | | |
| Students | | | | | |
| | | Share of joint ventures | | | |
| | | | | Total | |
| | | | | | Group |
| | | | | | on EPRA |
| | | | | | basis |
| | USAF | LSAV | University | | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Investment property (owned) | 4,220.4 | 843.4 | 1,019.5 | - | 1,862.9 | 6,083.3 |
| Investment property (leased) | 60.3 | - | - | - | - | 60.3 |
| Investment property (under development) | 438.4 | - | - | 18.5 | 18.5 | 456.9 |
| Total property portfolio | 4,719.1 | 843.4 | 1,019.5 | 18.5 | 1,881.4 | 6,600.5 |
| Debt on properties | (1,248.2) | (279.7) | (361.3) | - | (641.0) | (1,889.2) |
| Lease liabilities | (74.3) | - | - | - | - | (74.3) |
| Cash | 35.8 | 71.7 | 38.0 | - | 109.7 | 145.5 |
| Net debt | (1,286.7) | (208.0) | (323.3) | - | (531.3) | (1,818.0) |
| Other assets and liabilities | (52.0) | (20.7) | (10.9) | (1.1) | (32.7) | (84.7) |
| EPRA net assets | 3,380.4 | 614.7 | 685.3 | 17.4 | 1,317.4 | 4,697.8 |
| Intangible assets | (12.8) | (0.1) | - | - | (0.1) | (12.9) |
| EPRA NTA | 3,367.6 | 614.6 | 685.3 | 17.4 | 1,317. 3 | 4,684.9 |
| Loan to value** | 26% | 25% | 32% | n/a | 28% | 27% |
| Loan to value post-IFRS 16 | 27% | 25% | 32% | n/a | 28% | 28% |
| 2024 | | | | | |
| | | Share of joint ventures | | |
| | | | | Group |
| | | | | on EPRA |
| | | | | basis |
| Unite | | | | |
| Students | USAF | LSAV | Total | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Investment properties (owned)* | 4,025.5 | 829.6 | 996.9 | 1,826.5 | 5,852.0 |
| Investment properties (leased) | 71.8 | - | - | - | 71.8 |
| Investment properties under development | 451.4 | - | - | - | 451.4 |
| Total property portfolio | 4,548.7 | 829.6 | 996.9 | 1,826.5 | 6,375.2 |
| Debt on properties | (1,263.7) | (273.1) | (338.0) | (611.1) | (1,874.8) |
| Lease liabilities | (72.8) | - | - | - | (72.8) |
| Cash | 274.3 | 70.4 | 20.0 | 90.4 | 364.7 |
| Net debt | (1,062.2) | (202.7) | (318.0) | (520.7) | (1,582.9) |
| Other assets and (liabilities) | 11.7 | (22.6) | (12.6) | (35.2) | (23.5) |
| EPRA net assets | 3,498.2 | 604.3 | 666.3 | 1,270.6 | 4,768.8 |
| Intangible assets | (10.4) | - | - | - | (10.4) |
| EPRA NTA | 3,487.8 | 604.3 | 666.3 | 1,270.6 | 4,758.4 |
| Loan to value** | 22% | 24% | 32% | 29% | 24% |
| Loan to value post-IFRS 16 | 23% | 24% | 32% | 29% | 25% |
* Investment property (owned) includes assets classified as held for sale in the IFRS balance sheet.
** Loan to value (LTV) calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM \u2013 see section 8.
2.3b) Movement in EPRA NTA during the year
Contributions to EPRA NTA by each segment during the year is as follows:
| 2025 | | | | | | | |
| | | Share of joint ventures | | | | |
| | Unite | | | | | |
| | Students | USAF | LSAV | University | Total | |
| | | | | | | Group |
| | | | | | | on EPRA |
| | | | | | | basis |
| | | | | | | Total |
| Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Operations | | | | | | | |
| Operations segment result | 2.2a | 166.7 | 21.3 | 28.1 | - | 49.4 | 216.1 |
| Add back amortisation of intangibles | 3.3b | 4.3 | - | - | - | - | 4.3 |
| Total Operations | | 171.0 | 21.3 | 28.1 | | 49.4 | 220.4 |
| Property | | | | | | | |
| Rental growth | | 19.5 | 21.0 | 43.4 | - | 64.4 | 83.9 |
| Yield movement | | (89.3) | (19.0) | (40.0) | | (59.0) | (148.3) |
| Disposal (losses) | | (1.3) | (1.6) | - | - | (1.6) | (2.9) |
| Investment property gains (owned) | | (71.1) | 0.4 | 3.4 | - | 3.8 | (67.3) |
| Investment property loss (leased) | 3.1 | (12.9) | - | - | - | - | (12.9) |
| Disposals losses investment property (leased) | | - | - | - | - | - | - |
| Investment property gains (under development) | 3.1 | (2.5) | - | - | (0.2) | (0.2) | (2.7) |
| Pre-contract/other development costs | 2.2a | 5.0 | - | - | - | - | 5.0 |
| Total Property | | (81.5) | 0.4 | 3.4 | (0.2) | 3.6 | (77.9) |
| Unallocated | | | | | | | |
| Investment in / dividends from joint ventures | | 11.6 | (16.6) | (12.9) | 17.9 | (11.6) | - |
| Dividends paid | | (175.3) | - | - | - | - | (175.3) |
| Swap costs | | (13.1) | - | - | - | - | (13.1) |
| Purchase of intangibles | | (8.6) | - | - | - | - | (8.6) |
| Share-based payment charge | | (1.5) | - | - | - | - | (1.5) |
| Write-off of inventories | | (12.0) | - | - | - | - | (12.0) |
| Costs relating to the acquisition of Empiric | | (4.9) | - | - | - | - | (4.9) |
| Restructuring and other non-recurring write-offs | | (5.8) | 5.1 | 0.4 | (0.3) | 5.2 | (0.6) |
| Total Unallocated | | (209.6) | (11.5) | (12.5) | 17.6 | (6.4) | (216.0) |
| Total EPRA NTA movement in the year | | (120.1) | 10.2 | 19.0 | 17.4 | 46.6 | (73.5) |
| Total EPRA NTA brought forward | | 3,487.8 | 604.3 | 666.3 | - | 1,270.6 | 4,758.4 |
| Total EPRA NTA carried forward | | 3,367.7 | 614.5 | 685.3 | 17.4 | 1,317.2 | 4,684.9 |
The \u00a30.6 million Other balance within the Unallocated segment includes restructuring costs of (\u00a34.8 million), the purchase of
own shares of (\u00a30.8 million), contributions to the Unite Foundation and other social causes of (\u00a31.7 million) and tax credits of
\u00a33.1 million.
| 2024 | | | | | | |
| | | | Share of joint ventures | | |
| | | | | | Group |
| | | | | | on EPRA |
| | | | | | basis |
| | Unite | | | | |
| | Students | USAF | LSAV | Total | Total |
| Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Operations | | | | | | |
| Operations segment result | 2.2a | 163.5 | 21.7 | 25.8 | 47.5 | 211.0 |
| Add back amortisation of intangibles | 3.3b | 4.0 | - | - | - | 4.0 |
| Total Operations | | 167.5 | 21.7 | 25.8 | 47.5 | 215.0 |
| Property | | | | | | |
| Rental growth | | 269.6 | 29.7 | 46.4 | 76.1 | 345.7 |
| Yield movement | | (107.0) | (2.8) | (4.3) | (7.1) | (114.1) |
| Disposal (losses) | | (5.5) | (2.4) | - | (2.4) | ( 7.9) |
| Investment property gains (owned)* | | 157.1 | 24.5 | 42.1 | 66.6 | 223.7 |
| Investment property loss (leased) | 3.1 | (1.9) | - | - | - | (1.9) |
| Disposals losses investment property (leased) | | (4.3) | - | - | - | (4.3) |
| Investment property gains (under development) | 3.1 | 24.1 | - | - | - | 24.1 |
| Pre-contract/other development costs | 2.2a | (3.8) | - | - | - | (3.8) |
| Total Property | | 171.2 | 24.5 | 42.1 | 66.6 | 237.8 |
| Unallocated | | | | | | |
| Shares issued | | 442.1 | - | - | - | 4 42.1 |
| Investment in joint ventures | | 28.3 | (18.7) | (9.6) | (28.3) | - |
| Dividends paid | | (137.8) | - | - | - | (137.8) |
| Swap cancellation and debt break costs | | (3.5) | - | - | - | (3.5) |
| Purchase of intangibles | | (5.1) | - | - | - | (5.1) |
| Share-based payment charge | | (2.4) | - | - | - | (2.4) |
| Other | | 2.5 | (3.4) | (1.5) | (4.9) | (2.4) |
| Total Unallocated | | 324.1 | (22.1) | (11.1) | (33.2) | 290.9 |
| Total EPRA NTA movement in the year | | 662.8 | 24.1 | 56.8 | 80.9 | 743.7 |
| Total EPRA NTA brought forward | | 2,825.0 | 580.2 | 609.5 | 1,189.7 | 4,014.7 |
| Total EPRA NTA carried forward | | 3,487.8 | 604.3 | 666.3 | 1,270.6 | 4,758.4 |
* Investment property gains (owned) includes gains on assets classified as held for sale in the IFRS balance sheet.
The \u00a32.4 million Other balance within the Unallocated segment includes the purchase of own shares of (\u00a31.5 million), contributions to
the Unite Foundation and other social causes of (\u00a30.6 million) and tax credits of \u00a32.6 million.
2.3c) Reconciliation to IFRS
To determine EPRA NTA, net assets reported under IFRS are adjusted to exclude the fair value of financial instruments, associated tax
and the carrying value of intangibles.
To determine EPRA NRV, net assets reported under IFRS are adjusted to exclude the fair value of financial instruments, associated tax
and real estate transfer tax.
To determine EPRA NDV, net assets reported under IFRS are adjusted to exclude the fair value of financial instruments, but include
the fair value of fixed interest rate debt and the carrying value of intangibles.
The net assets reported under IFRS reconcile to EPRA NTA, NRV and NDV as follows:
| 2025 | | | |
| NTA | NRV | NDV |
| \u00a3m | \u00a3m | \u00a3m |
| Net asset reported under IFRS | 4,733.8 | 4,733.8 | 4,733.8 |
| Mark to market interest rate swaps | (44.0) | (44.0) | - |
| Unamortised fair value of debt recognised on acquisition | 7.9 | 7.9 | 7.9 |
| Mark to market of fixed rate debt | - | - | 8.9 |
| Intangibles per IFRS balance sheet | (12.8) | - | - |
| Real estate transfer tax | - | 435.9 | - |
| EPRA reporting measures | 4,684.9 | 5,133.6 | 4,750.6 |
| 2024 | | | |
| NTA | NRV | NDV |
| \u00a3m | \u00a3m | \u00a3m |
| Net asset reported under IFRS | 4,811.5 | 4,811.5 | 4,811.5 |
| Mark to market interest rate swaps | (53.6) | (53.6) | - |
| Unamortised swap gain | (1.0) | (1.0) | (1.0) |
| Mark to market of fixed rate debt | - | - | 31.7 |
| Unamortised fair value of debt recognised on acquisition | 11.1 | 11.1 | 11.1 |
| Current tax | 0.8 | 0.8 | - |
| Deferred tax | - | - | - |
| Intangibles per IFRS balance sheet | (10.4) | - | - |
| Real estate transfer tax | - | 4 67.4 | - |
| EPRA reporting measures | 4,758.4 | 5,236.2 | 4,853.3 |
2.3d) NTA, NRV and NDV per share
The Board uses EPRA NTA to monitor the performance of the Property segment on a regular basis.
| | 2025 | | | |
| | | 2024 | | |
| | | | 2025 | |
| | | | | 2024 |
| Note | \u00a3m | | | |
| | | \u00a3m | | |
| | | | pps | |
| | | | | pps |
| Net assets | | 4,733.8 | 4,811.5 | 966 | 982 |
| EPRA NTA | 2.3a | 4,684.9 | 4,758.4 | 956 | 974 |
| EPRA NTA (diluted) | | 4,685.6 | 4,761.4 | 955 | 972 |
| EPRA NRV | 2.3c | 5,133.6 | 5,236.2 | 1,048 | 1,071 |
| EPRA NRV (diluted) | | 5,134. 3 | 5,239.2 | 1,046 | 1,069 |
| EPRA NDV | 2.3c | 4,750.6 | 4,853.3 | 970 | 993 |
| EPRA NDV (diluted) | | 4,751.3 | 4,856.3 | 968 | 994 |
| Number of shares (thousands) | 2025 | 2024 |
| Basic | 489,853 | 488,792 |
| Outstanding share options | 962 | 1,308 |
| Diluted | 490,815 | 490,100 |
2.4 Revenue and costs
Accounting policies
The Group recognises revenue from the following major sources:
\u2022 Rental income
\u2022 Management and performance fees
\u2022 Acquisition fees.
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and
excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of its service to
a customer.
Rental income
Rental income comprises direct-lets to students and leases to universities and commercial tenants. This revenue is recognised
in the income statement over the length of the tenancy period as the Group provides the services to its customers. Included in
the rental contract is the use of utilities, broadband services and contents insurance. The Group does not offer these services as
standalone products. Under IFRS 15, the Group does not consider these services to be individually material and has, consequently,
bundled these obligations as a single contract. The transaction prices for rental income are explicitly stated in each contract. A
contract liability can result from payments received in advance, until the date at which control is transferred to the customer
and at that point the revenue begins to be recognised over the tenancy period. Lease incentives are sometimes recognised on
commercial units; these are recognised as an integral part of the total rental income and spread over the term of the lease.
The Group recognises rental income derived from contracts over 12 months in length in the Income Statement on a straight-line
basis in accordance with IFRS 16.
Management and performance fees
The Group acts as asset and property manager for USAF and LSAV and receives management fees in relation to these services.
Revenue from these fees is recognised on a straight-line basis over time as the joint ventures simultaneously receive and
consume benefits as the Group performs its management obligations which are determined by the services provided over
the course of each academic year, and this re\ue235ects the profile of activities being performed. Detailed calculations in order to
determine the transaction prices for these revenue streams are held within the joint venture agreements.
The Group is entitled to a USAF performance fee if the joint venture outperforms certain benchmarks. The Group recognises a
USAF performance fee at a point in time in the year to which the fee relates. The Group initially assesses the probability of a fee
being earned and its transaction price at half year and adjusts for any potential risks to receiving this income at year-end, when
the achieved outturn is known. The USAF performance fee is settled within 12 months of the year to which the fee relates and the
Group receives an enhanced equity interest in USAF as consideration for the performance fee.
The Group is entitled to a LSAV performance fee if the joint venture outperforms certain benchmarks over its life ending in 2032.
The Group recognises an LSAV performance fee at an amount which is considered highly probable to become due based
upon estimates of the future performance of the joint venture; such estimates include future rental income and the discount
rate (yield). Prior to the maturity of the joint venture, the Group pro-rates the total LSAV performance fee over the life of the
joint venture and recognises a proportion of the fee, only where sufficient certainty over outperformance of the benchmark is
determined to exist.
As per IFRS 15, the estimated amount of variable consideration is included in the transaction price only to the extent that it is
highly probable that a significant reversal in the amount of revenue recognised will not occur when the uncertainty associated
with the variable consideration is resolved. The performance fee is variable and dependent on meeting specific performance
targets. Accordingly, where there is too much uncertainty over the cumulative outperformance of the benchmarks, particularly in
earlier periods of the performance fee period, which cover each ten-year term of the venture, then no amounts of performance
fee can be recognised as it is not highly probable that the performance fee will be earned.
Management and performance fees are presented in revenue net of the Group\u2019s share of the corresponding expense within the
relevant fund.
At 31 December 2025, no amounts are deemed to meet the highly probable criteria and therefore we have not disclosed any
future fees receivable from these ongoing contracts.
Acquisition fees
The Group receives acquisition fees from its joint venture partners. This revenue is linked to the acquisition of land or property
and is therefore recognised at the point in time that control of the asset is transferred to the joint venture. The transaction price
for this revenue stream is stipulated in the joint venture agreement as a percentage of the value of the acquisition. No such land
or property acquisitions have occurred in 2025 or 2024.
The Group earns revenue from the following activities:
| | Note | 2025 | |
| | | | 2024 |
| | | \u00a3m | |
| | | | \u00a3m |
| Rental income* | Operations segment | 2.2a | 307.7 | 282.0 |
| Management fees | Operations segment | | 17.3 | 17. 3 |
| Cladding compensation | | | 3.5 | - |
| Joint venture formation fee | Property segment result | | 4.3 | - |
| Total revenue | | | 332.8 | |
| | | | 299.3 |
* EPRA earnings includes \u00a3428.2 million (2024: \u00a3398.0 million) of rental income, which is comprised of \u00a3307.7 million (2024: \u00a3282.0 million)
recognised on wholly-owned assets and a further \u00a3120.5 million (2024: \u00a3116.0 million) from joint ventures, which is included in share of
joint venture profit/(loss) in the consolidated income statement.
The cost of sales included in the consolidated income statement includes property operating expenses of \u00a396.8 million
(2024: \u00a386.4 million).
2.5 Tax
As a REIT, rental profits and gains on disposal of investment properties are exempt from corporation tax. The Group pays
UK corporation tax on the profits from its residual business, including management fees received from joint ventures, together
with UK income tax on rental income that arises from investments held by offshore subsidiaries in which the Group holds a
non-controlling interest.
2.5a) Tax \u2013 income statement
The total taxation charge/(credit) in the income statement is analysed as follows:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Corporation tax on residual business income arising in UK companies | 3.3 | 4.9 |
| Income tax on UK rental income arising in non-UK companies | - | 0.1 |
| Prior year adjustments | (0.2) | (0.2) |
| Current tax charge | 3.1 | 4.8 |
| Reversal of deferred tax provision in respect of REIT property business assets | (2.7) | - |
| Origination and reversal of temporary differences | - | (2.6) |
| Adjustments in respect of prior periods | (0.3) | - |
| Deferred tax credit | (3.0) | (2.6) |
| Total tax charge in income statement | 0.1 | 2.2 |
The movement in deferred tax provided is shown in more detail in note 2.5d.
In the income statement, a tax debit of \u00a30.1 million arises on a profit before tax of \u00a397.7 million. The taxation charge that would arise
at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Profit before tax | 97.7 | 444.0 |
| Income tax using the UK corporation tax rate of 25% (2024: 25.0%) | 24.6 | 111.0 |
| Property rental business profits exempt from tax in the REIT Group | (48.4) | (42.7) |
| Property revaluations not subject to tax | 15.9 | (66.6) |
| Mark to market changes in interest rate swaps not subject to tax | 5.1 | (0.4) |
| Unrealised gains on investments | - | (0.4) |
| Effect of other permanent differences | 3.4 | 1.4 |
| Effect of tax deduction transferred to equity on share schemes | - | 0.1 |
| Prior years adjustments | (0.5) | (0.2) |
| Total tax charge/(credit) in income statement | 0.1 | 2.2 |
As a UK REIT, the Group is exempt from UK corporation tax on the profits from its property rental business. Accordingly, the element
of the Group\u2019s profit before tax relating to its property rental business has been separately identified in the reconciliation above.
No deferred tax asset has been recognised in respect of the Group\u2019s accumulated tax losses on the basis that they are not expected
to be utilised in future periods. At 31 December 2025, these losses totalled \u00a314.7 million (2024: \u00a315.3 million).
Although the Group does not pay UK corporation tax on the profits from its property rental business, it is required to distribute 90%
of the profits from its property rental business after accounting for tax adjustments as a Property Income Distribution (PID). PIDs are
charged to tax in the same way as property income in the hands of the recipient. For the year ended 31 December 2025, the required
PID is expected to be fully paid by the end of 2026.
2.5b) Tax \u2013 other comprehensive income
Within other comprehensive income a tax charge totalling \u00a3nil (2024: \u00a3nil) has been recognised.
2.5c) Tax \u2013 statement of changes in equity
Within the statement of changes in equity a tax charge totalling \u00a3nil (2024: \u00a30.2 million charge) has been recognised representing
deferred tax. An analysis of this is included below in the deferred tax movement table.
2.5d) Tax \u2013 balance sheet
The table below outlines the deferred tax (assets)/liabilities that are recognised in the balance sheet, together with their movements
in the year:
2025
| At 31 Dec | | | |
| 2024 | | | |
| | Charged/ | | |
| | (Credited) in | | |
| | income | | |
| | | Charged/ | |
| | | (Credited) in | |
| | | equity | |
| | | | At 31 Dec |
| | | | 2025 |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Property, plant and machinery | (7.2) | (3.1) | - | (10.3) |
| Share schemes | (1.0) | 0.1 | - | (0.9) |
| Net tax assets | (8.2) | (3.0)* | - | (11.2) |
* The \u00a33.0 million credit above includes tax movements totalling \u00a33.0 million in respect of Property, plant and machinery and share schemes
that are included in EPRA earnings, which is why they are not adjusted for in the IFRS reconciliation in note 2.2b).
| 2024 | | | | |
| | Charged/ | Charged/ | |
| At 31 | | | |
| | (Credited) in | (Credited) in | |
| | | | At 31 |
| December | | | |
| | | | | |
| 2023 | income | | |
| | | equity | |
| | | | December |
| | | | | |
| | | | 2024 |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Investments | 0.4 | (0.4) | - | - |
| Property, plant and machinery | (4.9) | (2.3) | - | ( 7.2) |
| Share schemes | (1.1) | - | 0.1 | (1.0) |
| Tax value of carried forward losses recognised | - | 0.1 | (0.1) | - |
| Net tax liabilities/(assets) | (5.6) | (2.6)* | - | (8.2) |
*The \u00a32.6m credit above includes tax movements totalling \u00a32.3m in respect of Property, plant and machinery and Losses that are included in
EPRA earnings, which is why they are not included in the IFRS reconciliation in note 2.2b).
The deferred tax liability at 31 December 2025 has been calculated based on the rate at which it is expected to reverse.
As a REIT, disposals of investment property and property rich investments are exempt from tax and as a result no deferred tax
liability has been recognised in relation to these assets.
Company
Deferred tax has not been recognised on temporary differences of \u00a31.7 million (2024: \u00a31.7 million) in respect of revaluation of
subsidiaries and investment in joint ventures as it is considered unlikely that these investments will be divested.
2.6 Audit fees
During the year, the Group obtained the following services from the Company\u2019s auditor and its associates:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Fees payable to the Group\u2019s auditors for the audit of the Parent Company and consolidated financial statements | 0.8 | 0.6 |
| Fees payable to the Group\u2019s auditors for other services to the Group | | |
| - Audit of the financial statements of subsidiaries | 0.1 | 0.1 |
| Total audit fees payable to the Group\u2019s auditors | 0.9 | 0.7 |
| Audit-related assurance services | 0.1 | 0.1 |
| Other services | - | 0.1 |
| Total non-audit fees | 0.1 | 0.2 |
Non-audit fees in 2025 include services provided in respect of the half year review. Non-audit fees in 2024 include services provided
in respect of the half year review and reporting accounting procedures.
Details on the Company\u2019s policy on the use of the auditor for non-audit services is also set out in the Audit & Risk Committee Report
on page 103.
No services were provided pursuant to contingent fee arrangements.
",
"dimensions": {
"concept": "utg:DisclosureOfResultsForTheYearExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_D638562936_CY": {
"value": "2.1 Segmental information
The Board of Directors monitors the business along two activity lines:
The Operations segment manages rental properties, owned directly by the Group or by joint ventures. Its revenues are derived from
rental income and asset management fees earned from joint ventures. The way in which the Operations segment adds value to the
business is set out in the Operations review on page 23. The Operations segment is the main contributor to adjusted earnings and
adjusted EPS and these are therefore the key indicators which are used by the Board to monitor the Group\u2019s financial performance.
The Board does not manage or monitor the Operations segment through the balance sheet and therefore no segmental information
for assets and liabilities is provided.
The Group\u2019s Property business undertakes the acquisition and development of properties. The way in which the Property segment
adds value to the business is set out in the Property review on page 29.
The reportable segments for the years ended 31 December 2025 and 31 December 2024 are Operations and Property.
The Group undertakes its Operations and Property activities directly and through joint ventures with third parties. The joint ventures
are an integral part of each segment and are included in the information used by the Board to monitor the business.
Detailed analysis of the performance of each of these reportable segments is provided in the following sections 2.2 to 2.3. The
Group\u2019s properties are located exclusively in the United Kingdom.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_D353363024_CY": {
"value": "2.2 Earnings
EPRA earnings and adjusted earnings amend IFRS measures by removing principally the unrealised investment property valuation
gains and losses such that users of the financial statements are able to see the extent to which dividend payments (dividend per
share) are underpinned by earnings arising from operational activity. In accordance with the IFRIC guidance, costs relating to
software as a service arrangements are expensed as incurred and excluded from adjusted earnings, rather than being capitalised.
The reconciliation between profit attributable to owners of the Parent Company and EPRA earnings is available in note 2.2b.
2.2a) EPRA earnings
| 2025 | | | Share of joint ventures | | |
| Unite | | | | |
| Students | USAF | LSAV | Total | |
| | | | | Group on |
| | | | | EPRA Basis |
| | | | | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Rental income | 307.7 | 59.2 | 61.3 | 120.5 | 428.2 |
| Property operating expenses | (99.4) | (19.6) | (15.2) | (34.8) | (134.2) |
| Net operating income | 208.3 | 39.6 | 46.1 | 85.7 | 294.0 |
| Management fees | 22.2 | (4.9) | - | (4.9) | 17.3 |
| Overheads | (47.1) | (0.6) | (0.8) | (1.4) | (48.5) |
| Interest on lease liabilities | (7.6) | - | - | - | (7.6) |
| Net financing costs | (9.1) | (12.8) | (17.2) | (30.0) | (39.1) |
| Operations segment result | 166.7 | 21.3 | 28.1 | 49.4 | 216.1 |
| Property segment result | 5.0 | - | - | - | 5.0 |
| Unallocated to segments | (2.9) | (0.2) | (0.3) | (0.5) | (3.4) |
| EPRA earnings | 168.8 | 21.1 | 27.8 | 48.9 | 217.7 |
| Software as a service costs | 14.6 | - | - | - | 14.6 |
| Adjusted earnings | 183.4 | 21.1 | 27.8 | 48.9 | 232.3 |
Included in the above is rental income of \u00a320.7 million and property operating expenses of \u00a311.6 million relating to sale and leaseback
properties. Included in the above is also rental income of \u00a34.1 million and property operating expenses of \u00a31.2 million, relating to a build-to
rent property. Unallocated to segments includes the fair value of share-based payments of (\u00a31.5 million), contributions to the Unite Foundation
and social causes of (\u00a31.0 million), a deferred tax credit of \u00a33.3 million and current tax charge of (\u00a33.1 million). Depreciation and amortisation
totalling (\u00a36.9 million) is included within overheads. The software as a service costs are presented net of deferred tax of \u00a34.8 million.
| 2024 | | | | | |
| | | Share of joint ventures | | |
| | | | | Group on |
| | | | | EPRA basis |
| Unite | | | | |
| Students | USAF | LSAV | Total | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Rental income | 282.0 | 59.0 | 57.0 | 116.0 | 398.0 |
| Property operating expenses | (87. 2) | (20.7) | (14.0) | (34.7) | (121.9) |
| Net operating income | 194.8 | 38.3 | 43.0 | 81.3 | 276.1 |
| Management fees | 21.9 | (4.6) | - | (4.6) | 17. 3 |
| Overheads | ( 37. 5) | (0.5) | (0.4) | (0.9) | (38.4) |
| Interest on lease liabilities | (8.8) | - | - | - | (8.8) |
| Net financing costs | (6.9) | (11.5) | (16.8) | (28.3) | (35.2) |
| Operations segment result | 163.5 | 21.7 | 25.8 | 47.5 | 211.0 |
| Property segment result | (3.8) | - | - | - | (3.8) |
| Unallocated to segments | (4.8) | (0.2) | (0.3) | (0.5) | (5.3) |
| EPRA earnings | 154.9 | 21.5 | 25.5 | 47.0 | 201.9 |
| Software as a service costs | 11.9 | - | - | - | 11.9 |
| Adjusted earnings | 166.8 | 21.5 | 25.5 | 47.0 | 213.8 |
Included in the above is rental income of \u00a320.3 million and property operating expenses of \u00a311.5 million relating to sale and leaseback
properties. Included in the above is also rental income of \u00a34.0 million and property operating expenses of \u00a31.2 million, relating to a build-to-
rent property. Unallocated to segments includes the fair value of share-based payments of (\u00a32.3 million), contributions to the Unite Foundation
and social causes of (\u00a30.6 million), a deferred tax credit of \u00a32.6 million and current tax charge of (\u00a35.1 million). Depreciation and amortisation
totalling (\u00a35.7 million) is included within overheads. The software as a service costs are presented net of deferred tax of \u00a34.0 million.
2.2b) IFRS reconciliation to EPRA earnings and adjusted earnings
EPRA earnings excludes movements relating to changes in values of investment properties (owned, leased and under development),
profits/losses from the disposal of properties, swap/debt break costs and other non-underlying items which are included in the profit
reported under IFRS. EPRA earnings and adjusted earnings reconcile to the profit attributable to owners of the Company as follows:
| | 2025 | |
| | | 2024 |
| Note | | \u00a3m |
| | \u00a3m | |
| Profit attributable to owners of the Parent Company | | 97.6 | 441.9 |
| Net valuation losses/(gains) on property (owned) | 3.1 | 72.3 | (186.7) |
| (Gains)/losses on property disposals (owned) | | 1.3 | 9.8 |
| Write-off of inventories and other fixed assets | | 12.0 | - |
| Net valuation losses on property (leased) | 3.1 | 12.9 | 1.9 |
| Amortisation of fair value of debt recognised on acquisition | | (2.3) | (4.1) |
| Share of JV gains on investment property | 3.3b | (5.2) | (67.0) |
| Share of JV losses on property disposals | 3.3b | 1.6 | 2.4 |
| Swap cancellation and loan break costs | 4.3 | - | 3.1 |
| Mark to market changes in interest rate swaps | 4.3 | 22.5 | 0.4 |
| Current tax relating to property disposals | | - | 0.2 |
| Deferred tax | 2.5d | (1.2) | - |
| Cladding compensation | | (3.5) | - |
| Costs relating to the acquisition of Empiric | | 4.9 | - |
| Restructuring costs | | 4.8 | - |
| EPRA earnings | | 217.7 | 201.9 |
| Software as a service costs | | 14.6 | 11.9 |
| Adjusted earnings | | 232.3 | 213.8 |
2.2c) Earnings per share
Basic EPS calculation is based on the earnings attributable to the equity shareholders of The Unite Group PLC and the weighted
average number of shares which have been in issue during the year. Basic EPS is adjusted in line with EPRA guidelines in order to
allow users to compare the business performance of the Group with other listed real estate companies in a consistent manner and
to re\ue235ect how the business is managed on a day-to-day basis. The calculations of basic and EPRA EPS and adjusted EPS for the year
ended 31 December 2025 and 2024 are as follows:
| | 2025 | | | |
| | | 2024 | | |
| | | | 2025 | |
| | | | | 2024 |
| Note | \u00a3m | | | |
| | | \u00a3m | | |
| | | | pps | |
| | | | | pps |
| Basic | | 97.6 | 441.9 | 19.9 | 96.3 |
| Diluted | | | | 19.9 | 96.1 |
| EPRA | 2.2b | 217.7 | 201.9 | 44.5 | 44.0 |
| Diluted EPRA | | | | 44.5 | 43.9 |
| Adjusted earnings | 2.2b | 232.3 | 213.8 | 47.5 | 46.6 |
| Diluted adjusted earnings | | | | 47.5 | |
| | | | | 46.5 |
| Weighted average number of shares (thousands) | 2025 | 2024 |
| Basic | 489,258 | 458,969 |
| Dilutive potential ordinary shares (share options) | 758 | 1,087 |
| Diluted | 490,016 | 460,056 |
Movements in the weighted average number of shares have resulted from the equity raise in July 2024, employee share-based
payment schemes and the scrip dividend.
In 2025, there were 231,792 options excluded from the potential dilutive shares that did not affect the diluted weighted average
number of shares (2024: 37,319).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory_D248343933_CY": {
"value": "2.3 Net assets
2.3a) EPRA NTA
EPRA NTA makes adjustments to IFRS measures by removing the fair value of financial instruments and the carrying value of
intangibles. The reconciliation between IFRS NAV and EPRA NTA is available in note 2.3c.
| 2025 | | | | | | |
| Unite | | | | | |
| Students | | | | | |
| | | Share of joint ventures | | | |
| | | | | Total | |
| | | | | | Group |
| | | | | | on EPRA |
| | | | | | basis |
| | USAF | LSAV | University | | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Investment property (owned) | 4,220.4 | 843.4 | 1,019.5 | - | 1,862.9 | 6,083.3 |
| Investment property (leased) | 60.3 | - | - | - | - | 60.3 |
| Investment property (under development) | 438.4 | - | - | 18.5 | 18.5 | 456.9 |
| Total property portfolio | 4,719.1 | 843.4 | 1,019.5 | 18.5 | 1,881.4 | 6,600.5 |
| Debt on properties | (1,248.2) | (279.7) | (361.3) | - | (641.0) | (1,889.2) |
| Lease liabilities | (74.3) | - | - | - | - | (74.3) |
| Cash | 35.8 | 71.7 | 38.0 | - | 109.7 | 145.5 |
| Net debt | (1,286.7) | (208.0) | (323.3) | - | (531.3) | (1,818.0) |
| Other assets and liabilities | (52.0) | (20.7) | (10.9) | (1.1) | (32.7) | (84.7) |
| EPRA net assets | 3,380.4 | 614.7 | 685.3 | 17.4 | 1,317.4 | 4,697.8 |
| Intangible assets | (12.8) | (0.1) | - | - | (0.1) | (12.9) |
| EPRA NTA | 3,367.6 | 614.6 | 685.3 | 17.4 | 1,317. 3 | 4,684.9 |
| Loan to value** | 26% | 25% | 32% | n/a | 28% | 27% |
| Loan to value post-IFRS 16 | 27% | 25% | 32% | n/a | 28% | 28% |
| 2024 | | | | | |
| | | Share of joint ventures | | |
| | | | | Group |
| | | | | on EPRA |
| | | | | basis |
| Unite | | | | |
| Students | USAF | LSAV | Total | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Investment properties (owned)* | 4,025.5 | 829.6 | 996.9 | 1,826.5 | 5,852.0 |
| Investment properties (leased) | 71.8 | - | - | - | 71.8 |
| Investment properties under development | 451.4 | - | - | - | 451.4 |
| Total property portfolio | 4,548.7 | 829.6 | 996.9 | 1,826.5 | 6,375.2 |
| Debt on properties | (1,263.7) | (273.1) | (338.0) | (611.1) | (1,874.8) |
| Lease liabilities | (72.8) | - | - | - | (72.8) |
| Cash | 274.3 | 70.4 | 20.0 | 90.4 | 364.7 |
| Net debt | (1,062.2) | (202.7) | (318.0) | (520.7) | (1,582.9) |
| Other assets and (liabilities) | 11.7 | (22.6) | (12.6) | (35.2) | (23.5) |
| EPRA net assets | 3,498.2 | 604.3 | 666.3 | 1,270.6 | 4,768.8 |
| Intangible assets | (10.4) | - | - | - | (10.4) |
| EPRA NTA | 3,487.8 | 604.3 | 666.3 | 1,270.6 | 4,758.4 |
| Loan to value** | 22% | 24% | 32% | 29% | 24% |
| Loan to value post-IFRS 16 | 23% | 24% | 32% | 29% | 25% |
* Investment property (owned) includes assets classified as held for sale in the IFRS balance sheet.
** Loan to value (LTV) calculated excluding investment properties (leased) and the corresponding lease liabilities. LTV is an APM \u2013 see section 8.
2.3b) Movement in EPRA NTA during the year
Contributions to EPRA NTA by each segment during the year is as follows:
| 2025 | | | | | | | |
| | | Share of joint ventures | | | | |
| | Unite | | | | | |
| | Students | USAF | LSAV | University | Total | |
| | | | | | | Group |
| | | | | | | on EPRA |
| | | | | | | basis |
| | | | | | | Total |
| Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Operations | | | | | | | |
| Operations segment result | 2.2a | 166.7 | 21.3 | 28.1 | - | 49.4 | 216.1 |
| Add back amortisation of intangibles | 3.3b | 4.3 | - | - | - | - | 4.3 |
| Total Operations | | 171.0 | 21.3 | 28.1 | | 49.4 | 220.4 |
| Property | | | | | | | |
| Rental growth | | 19.5 | 21.0 | 43.4 | - | 64.4 | 83.9 |
| Yield movement | | (89.3) | (19.0) | (40.0) | | (59.0) | (148.3) |
| Disposal (losses) | | (1.3) | (1.6) | - | - | (1.6) | (2.9) |
| Investment property gains (owned) | | (71.1) | 0.4 | 3.4 | - | 3.8 | (67.3) |
| Investment property loss (leased) | 3.1 | (12.9) | - | - | - | - | (12.9) |
| Disposals losses investment property (leased) | | - | - | - | - | - | - |
| Investment property gains (under development) | 3.1 | (2.5) | - | - | (0.2) | (0.2) | (2.7) |
| Pre-contract/other development costs | 2.2a | 5.0 | - | - | - | - | 5.0 |
| Total Property | | (81.5) | 0.4 | 3.4 | (0.2) | 3.6 | (77.9) |
| Unallocated | | | | | | | |
| Investment in / dividends from joint ventures | | 11.6 | (16.6) | (12.9) | 17.9 | (11.6) | - |
| Dividends paid | | (175.3) | - | - | - | - | (175.3) |
| Swap costs | | (13.1) | - | - | - | - | (13.1) |
| Purchase of intangibles | | (8.6) | - | - | - | - | (8.6) |
| Share-based payment charge | | (1.5) | - | - | - | - | (1.5) |
| Write-off of inventories | | (12.0) | - | - | - | - | (12.0) |
| Costs relating to the acquisition of Empiric | | (4.9) | - | - | - | - | (4.9) |
| Restructuring and other non-recurring write-offs | | (5.8) | 5.1 | 0.4 | (0.3) | 5.2 | (0.6) |
| Total Unallocated | | (209.6) | (11.5) | (12.5) | 17.6 | (6.4) | (216.0) |
| Total EPRA NTA movement in the year | | (120.1) | 10.2 | 19.0 | 17.4 | 46.6 | (73.5) |
| Total EPRA NTA brought forward | | 3,487.8 | 604.3 | 666.3 | - | 1,270.6 | 4,758.4 |
| Total EPRA NTA carried forward | | 3,367.7 | 614.5 | 685.3 | 17.4 | 1,317.2 | 4,684.9 |
The \u00a30.6 million Other balance within the Unallocated segment includes restructuring costs of (\u00a34.8 million), the purchase of
own shares of (\u00a30.8 million), contributions to the Unite Foundation and other social causes of (\u00a31.7 million) and tax credits of
\u00a33.1 million.
| 2024 | | | | | | |
| | | | Share of joint ventures | | |
| | | | | | Group |
| | | | | | on EPRA |
| | | | | | basis |
| | Unite | | | | |
| | Students | USAF | LSAV | Total | Total |
| Note | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Operations | | | | | | |
| Operations segment result | 2.2a | 163.5 | 21.7 | 25.8 | 47.5 | 211.0 |
| Add back amortisation of intangibles | 3.3b | 4.0 | - | - | - | 4.0 |
| Total Operations | | 167.5 | 21.7 | 25.8 | 47.5 | 215.0 |
| Property | | | | | | |
| Rental growth | | 269.6 | 29.7 | 46.4 | 76.1 | 345.7 |
| Yield movement | | (107.0) | (2.8) | (4.3) | (7.1) | (114.1) |
| Disposal (losses) | | (5.5) | (2.4) | - | (2.4) | ( 7.9) |
| Investment property gains (owned)* | | 157.1 | 24.5 | 42.1 | 66.6 | 223.7 |
| Investment property loss (leased) | 3.1 | (1.9) | - | - | - | (1.9) |
| Disposals losses investment property (leased) | | (4.3) | - | - | - | (4.3) |
| Investment property gains (under development) | 3.1 | 24.1 | - | - | - | 24.1 |
| Pre-contract/other development costs | 2.2a | (3.8) | - | - | - | (3.8) |
| Total Property | | 171.2 | 24.5 | 42.1 | 66.6 | 237.8 |
| Unallocated | | | | | | |
| Shares issued | | 442.1 | - | - | - | 4 42.1 |
| Investment in joint ventures | | 28.3 | (18.7) | (9.6) | (28.3) | - |
| Dividends paid | | (137.8) | - | - | - | (137.8) |
| Swap cancellation and debt break costs | | (3.5) | - | - | - | (3.5) |
| Purchase of intangibles | | (5.1) | - | - | - | (5.1) |
| Share-based payment charge | | (2.4) | - | - | - | (2.4) |
| Other | | 2.5 | (3.4) | (1.5) | (4.9) | (2.4) |
| Total Unallocated | | 324.1 | (22.1) | (11.1) | (33.2) | 290.9 |
| Total EPRA NTA movement in the year | | 662.8 | 24.1 | 56.8 | 80.9 | 743.7 |
| Total EPRA NTA brought forward | | 2,825.0 | 580.2 | 609.5 | 1,189.7 | 4,014.7 |
| Total EPRA NTA carried forward | | 3,487.8 | 604.3 | 666.3 | 1,270.6 | 4,758.4 |
* Investment property gains (owned) includes gains on assets classified as held for sale in the IFRS balance sheet.
The \u00a32.4 million Other balance within the Unallocated segment includes the purchase of own shares of (\u00a31.5 million), contributions to
the Unite Foundation and other social causes of (\u00a30.6 million) and tax credits of \u00a32.6 million.
2.3c) Reconciliation to IFRS
To determine EPRA NTA, net assets reported under IFRS are adjusted to exclude the fair value of financial instruments, associated tax
and the carrying value of intangibles.
To determine EPRA NRV, net assets reported under IFRS are adjusted to exclude the fair value of financial instruments, associated tax
and real estate transfer tax.
To determine EPRA NDV, net assets reported under IFRS are adjusted to exclude the fair value of financial instruments, but include
the fair value of fixed interest rate debt and the carrying value of intangibles.
The net assets reported under IFRS reconcile to EPRA NTA, NRV and NDV as follows:
| 2025 | | | |
| NTA | NRV | NDV |
| \u00a3m | \u00a3m | \u00a3m |
| Net asset reported under IFRS | 4,733.8 | 4,733.8 | 4,733.8 |
| Mark to market interest rate swaps | (44.0) | (44.0) | - |
| Unamortised fair value of debt recognised on acquisition | 7.9 | 7.9 | 7.9 |
| Mark to market of fixed rate debt | - | - | 8.9 |
| Intangibles per IFRS balance sheet | (12.8) | - | - |
| Real estate transfer tax | - | 435.9 | - |
| EPRA reporting measures | 4,684.9 | 5,133.6 | 4,750.6 |
| 2024 | | | |
| NTA | NRV | NDV |
| \u00a3m | \u00a3m | \u00a3m |
| Net asset reported under IFRS | 4,811.5 | 4,811.5 | 4,811.5 |
| Mark to market interest rate swaps | (53.6) | (53.6) | - |
| Unamortised swap gain | (1.0) | (1.0) | (1.0) |
| Mark to market of fixed rate debt | - | - | 31.7 |
| Unamortised fair value of debt recognised on acquisition | 11.1 | 11.1 | 11.1 |
| Current tax | 0.8 | 0.8 | - |
| Deferred tax | - | - | - |
| Intangibles per IFRS balance sheet | (10.4) | - | - |
| Real estate transfer tax | - | 4 67.4 | - |
| EPRA reporting measures | 4,758.4 | 5,236.2 | 4,853.3 |
2.3d) NTA, NRV and NDV per share
The Board uses EPRA NTA to monitor the performance of the Property segment on a regular basis.
| | 2025 | | | |
| | | 2024 | | |
| | | | 2025 | |
| | | | | 2024 |
| Note | \u00a3m | | | |
| | | \u00a3m | | |
| | | | pps | |
| | | | | pps |
| Net assets | | 4,733.8 | 4,811.5 | 966 | 982 |
| EPRA NTA | 2.3a | 4,684.9 | 4,758.4 | 956 | 974 |
| EPRA NTA (diluted) | | 4,685.6 | 4,761.4 | 955 | 972 |
| EPRA NRV | 2.3c | 5,133.6 | 5,236.2 | 1,048 | 1,071 |
| EPRA NRV (diluted) | | 5,134. 3 | 5,239.2 | 1,046 | 1,069 |
| EPRA NDV | 2.3c | 4,750.6 | 4,853.3 | 970 | 993 |
| EPRA NDV (diluted) | | 4,751.3 | 4,856.3 | 968 | 994 |
| Number of shares (thousands) | 2025 | 2024 |
| Basic | 489,853 | 488,792 |
| Outstanding share options | 962 | 1,308 |
| Diluted | 490,815 | 490,100 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_D1990646520_CY": {
"value": "Accounting policies
The Group recognises revenue from the following major sources:
\u2022 Rental income
\u2022 Management and performance fees
\u2022 Acquisition fees.
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and
excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of its service to
a customer.
Rental income
Rental income comprises direct-lets to students and leases to universities and commercial tenants. This revenue is recognised
in the income statement over the length of the tenancy period as the Group provides the services to its customers. Included in
the rental contract is the use of utilities, broadband services and contents insurance. The Group does not offer these services as
standalone products. Under IFRS 15, the Group does not consider these services to be individually material and has, consequently,
bundled these obligations as a single contract. The transaction prices for rental income are explicitly stated in each contract. A
contract liability can result from payments received in advance, until the date at which control is transferred to the customer
and at that point the revenue begins to be recognised over the tenancy period. Lease incentives are sometimes recognised on
commercial units; these are recognised as an integral part of the total rental income and spread over the term of the lease.
The Group recognises rental income derived from contracts over 12 months in length in the Income Statement on a straight-line
basis in accordance with IFRS 16.
Management and performance fees
The Group acts as asset and property manager for USAF and LSAV and receives management fees in relation to these services.
Revenue from these fees is recognised on a straight-line basis over time as the joint ventures simultaneously receive and
consume benefits as the Group performs its management obligations which are determined by the services provided over
the course of each academic year, and this re\ue235ects the profile of activities being performed. Detailed calculations in order to
determine the transaction prices for these revenue streams are held within the joint venture agreements.
The Group is entitled to a USAF performance fee if the joint venture outperforms certain benchmarks. The Group recognises a
USAF performance fee at a point in time in the year to which the fee relates. The Group initially assesses the probability of a fee
being earned and its transaction price at half year and adjusts for any potential risks to receiving this income at year-end, when
the achieved outturn is known. The USAF performance fee is settled within 12 months of the year to which the fee relates and the
Group receives an enhanced equity interest in USAF as consideration for the performance fee.
The Group is entitled to a LSAV performance fee if the joint venture outperforms certain benchmarks over its life ending in 2032.
The Group recognises an LSAV performance fee at an amount which is considered highly probable to become due based
upon estimates of the future performance of the joint venture; such estimates include future rental income and the discount
rate (yield). Prior to the maturity of the joint venture, the Group pro-rates the total LSAV performance fee over the life of the
joint venture and recognises a proportion of the fee, only where sufficient certainty over outperformance of the benchmark is
determined to exist.
As per IFRS 15, the estimated amount of variable consideration is included in the transaction price only to the extent that it is
highly probable that a significant reversal in the amount of revenue recognised will not occur when the uncertainty associated
with the variable consideration is resolved. The performance fee is variable and dependent on meeting specific performance
targets. Accordingly, where there is too much uncertainty over the cumulative outperformance of the benchmarks, particularly in
earlier periods of the performance fee period, which cover each ten-year term of the venture, then no amounts of performance
fee can be recognised as it is not highly probable that the performance fee will be earned.
Management and performance fees are presented in revenue net of the Group\u2019s share of the corresponding expense within the
relevant fund.
At 31 December 2025, no amounts are deemed to meet the highly probable criteria and therefore we have not disclosed any
future fees receivable from these ongoing contracts.
Acquisition fees
The Group receives acquisition fees from its joint venture partners. This revenue is linked to the acquisition of land or property
and is therefore recognised at the point in time that control of the asset is transferred to the joint venture. The transaction price
for this revenue stream is stipulated in the joint venture agreement as a percentage of the value of the acquisition. No such land
or property acquisitions have occurred in 2025 or 2024.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory_D961555876_CY": {
"value": "Accounting policies
The Group recognises revenue from the following major sources:
\u2022 Rental income
\u2022 Management and performance fees
\u2022 Acquisition fees.
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and
excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of its service to
a customer.
Rental income
Rental income comprises direct-lets to students and leases to universities and commercial tenants. This revenue is recognised
in the income statement over the length of the tenancy period as the Group provides the services to its customers. Included in
the rental contract is the use of utilities, broadband services and contents insurance. The Group does not offer these services as
standalone products. Under IFRS 15, the Group does not consider these services to be individually material and has, consequently,
bundled these obligations as a single contract. The transaction prices for rental income are explicitly stated in each contract. A
contract liability can result from payments received in advance, until the date at which control is transferred to the customer
and at that point the revenue begins to be recognised over the tenancy period. Lease incentives are sometimes recognised on
commercial units; these are recognised as an integral part of the total rental income and spread over the term of the lease.
The Group recognises rental income derived from contracts over 12 months in length in the Income Statement on a straight-line
basis in accordance with IFRS 16.
Management and performance fees
The Group acts as asset and property manager for USAF and LSAV and receives management fees in relation to these services.
Revenue from these fees is recognised on a straight-line basis over time as the joint ventures simultaneously receive and
consume benefits as the Group performs its management obligations which are determined by the services provided over
the course of each academic year, and this re\ue235ects the profile of activities being performed. Detailed calculations in order to
determine the transaction prices for these revenue streams are held within the joint venture agreements.
The Group is entitled to a USAF performance fee if the joint venture outperforms certain benchmarks. The Group recognises a
USAF performance fee at a point in time in the year to which the fee relates. The Group initially assesses the probability of a fee
being earned and its transaction price at half year and adjusts for any potential risks to receiving this income at year-end, when
the achieved outturn is known. The USAF performance fee is settled within 12 months of the year to which the fee relates and the
Group receives an enhanced equity interest in USAF as consideration for the performance fee.
The Group is entitled to a LSAV performance fee if the joint venture outperforms certain benchmarks over its life ending in 2032.
The Group recognises an LSAV performance fee at an amount which is considered highly probable to become due based
upon estimates of the future performance of the joint venture; such estimates include future rental income and the discount
rate (yield). Prior to the maturity of the joint venture, the Group pro-rates the total LSAV performance fee over the life of the
joint venture and recognises a proportion of the fee, only where sufficient certainty over outperformance of the benchmark is
determined to exist.
As per IFRS 15, the estimated amount of variable consideration is included in the transaction price only to the extent that it is
highly probable that a significant reversal in the amount of revenue recognised will not occur when the uncertainty associated
with the variable consideration is resolved. The performance fee is variable and dependent on meeting specific performance
targets. Accordingly, where there is too much uncertainty over the cumulative outperformance of the benchmarks, particularly in
earlier periods of the performance fee period, which cover each ten-year term of the venture, then no amounts of performance
fee can be recognised as it is not highly probable that the performance fee will be earned.
Management and performance fees are presented in revenue net of the Group\u2019s share of the corresponding expense within the
relevant fund.
At 31 December 2025, no amounts are deemed to meet the highly probable criteria and therefore we have not disclosed any
future fees receivable from these ongoing contracts.
Acquisition fees
The Group receives acquisition fees from its joint venture partners. This revenue is linked to the acquisition of land or property
and is therefore recognised at the point in time that control of the asset is transferred to the joint venture. The transaction price
for this revenue stream is stipulated in the joint venture agreement as a percentage of the value of the acquisition. No such land
or property acquisitions have occurred in 2025 or 2024.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory_E2_CY": {
"value": "Accounting policies
The Group recognises revenue from the following major sources:
\u2022 Rental income
\u2022 Management and performance fees
\u2022 Acquisition fees.
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and
excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of its service to
a customer.
Rental income
Rental income comprises direct-lets to students and leases to universities and commercial tenants. This revenue is recognised
in the income statement over the length of the tenancy period as the Group provides the services to its customers. Included in
the rental contract is the use of utilities, broadband services and contents insurance. The Group does not offer these services as
standalone products. Under IFRS 15, the Group does not consider these services to be individually material and has, consequently,
bundled these obligations as a single contract. The transaction prices for rental income are explicitly stated in each contract. A
contract liability can result from payments received in advance, until the date at which control is transferred to the customer
and at that point the revenue begins to be recognised over the tenancy period. Lease incentives are sometimes recognised on
commercial units; these are recognised as an integral part of the total rental income and spread over the term of the lease.
The Group recognises rental income derived from contracts over 12 months in length in the Income Statement on a straight-line
basis in accordance with IFRS 16.
Management and performance fees
The Group acts as asset and property manager for USAF and LSAV and receives management fees in relation to these services.
Revenue from these fees is recognised on a straight-line basis over time as the joint ventures simultaneously receive and
consume benefits as the Group performs its management obligations which are determined by the services provided over
the course of each academic year, and this re\ue235ects the profile of activities being performed. Detailed calculations in order to
determine the transaction prices for these revenue streams are held within the joint venture agreements.
The Group is entitled to a USAF performance fee if the joint venture outperforms certain benchmarks. The Group recognises a
USAF performance fee at a point in time in the year to which the fee relates. The Group initially assesses the probability of a fee
being earned and its transaction price at half year and adjusts for any potential risks to receiving this income at year-end, when
the achieved outturn is known. The USAF performance fee is settled within 12 months of the year to which the fee relates and the
Group receives an enhanced equity interest in USAF as consideration for the performance fee.
The Group is entitled to a LSAV performance fee if the joint venture outperforms certain benchmarks over its life ending in 2032.
The Group recognises an LSAV performance fee at an amount which is considered highly probable to become due based
upon estimates of the future performance of the joint venture; such estimates include future rental income and the discount
rate (yield). Prior to the maturity of the joint venture, the Group pro-rates the total LSAV performance fee over the life of the
joint venture and recognises a proportion of the fee, only where sufficient certainty over outperformance of the benchmark is
determined to exist.
As per IFRS 15, the estimated amount of variable consideration is included in the transaction price only to the extent that it is
highly probable that a significant reversal in the amount of revenue recognised will not occur when the uncertainty associated
with the variable consideration is resolved. The performance fee is variable and dependent on meeting specific performance
targets. Accordingly, where there is too much uncertainty over the cumulative outperformance of the benchmarks, particularly in
earlier periods of the performance fee period, which cover each ten-year term of the venture, then no amounts of performance
fee can be recognised as it is not highly probable that the performance fee will be earned.
Management and performance fees are presented in revenue net of the Group\u2019s share of the corresponding expense within the
relevant fund.
At 31 December 2025, no amounts are deemed to meet the highly probable criteria and therefore we have not disclosed any
future fees receivable from these ongoing contracts.
Acquisition fees
The Group receives acquisition fees from its joint venture partners. This revenue is linked to the acquisition of land or property
and is therefore recognised at the point in time that control of the asset is transferred to the joint venture. The transaction price
for this revenue stream is stipulated in the joint venture agreement as a percentage of the value of the acquisition. No such land
or property acquisitions have occurred in 2025 or 2024.
Accounting policies
The tax charge for the year is recognised in the income statement, statement of comprehensive income and the statement of
changes in equity, according to the accounting treatment of the related transaction. The tax charge comprises both current and
deferred tax.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax
payable in respect of previous years. The current tax charge is based on tax rates that are enacted or substantively enacted
at the year-end.
Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and those for taxation purposes. Temporary differences relating to investments in subsidiaries and joint
ventures are not provided for to the extent that they will probably not reverse in the foreseeable future. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities.
As a REIT, rental profits and gains on disposal of investment properties and property rich investments are exempt from
corporation tax. As a result, no deferred tax provision has been recognised at the balance sheet date in respect of property assets
or units in USAF and LSAV held by members of the REIT Group.
Accounting policies
Investment property (owned) and investment property (under development)
Investment property (owned) and investment property (under development) are held at fair value.
The external valuation of property assets involves significant judgement and changes to the core assumptions: rental income,
occupancy and property management costs, as well as estimated future costs, could have a significant impact on the carrying value
of these assets. Further details of the valuation process are included below.
Construction and borrowing costs are capitalised if they are directly attributable to the acquisition and construction of a property
asset. Capitalisation of borrowing costs commences when the activities to prepare the asset are in progress and expenditures and
borrowing costs are being incurred. Capitalisation of borrowing costs continues until the assets are substantially ready for their
intended use but stops if development activities are suspended. The capitalisation rate is arrived at by reference to the actual rate
payable on borrowings for development purposes or, with regard to that part of the development cost financed out of general
borrowings, to the average rate. During the year, the average capitalisation rate used was 5.9% (2024: 6.4%).
The recognition of acquisitions of investment property and land occurs at the date when control passes to Unite Group. The
recognition of disposals of investment property occurs on legal completion when control passes from Unite Group. In accordance
with IFRS 15, gains/(losses) from the disposal of investment property are recognised at a point in time.
Contingent consideration receivables are recognised on disposals where the amount of additional consideration is readily
identifiable. It is recognised at the constrained value determined by the amount that is highly probable to be receivable at the time of
the disposal, and any subsequent change in value is recognised in profit or loss in the later period.
The fair value of development properties is determined using a residual method, valuing each property at an estimate of what its fair
value would be when construction is completed, less the estimated total costs to complete (inclusive of a profit for the developer).
Investment property (leased)
The Group holds certain investment property under historical sale and leaseback arrangements, acting as an intermediate lessor
and subleasing its right-of-use assets. For each leased property, the Group assesses whether a contract is or contains a lease, at
inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability (see note 4.6a) with respect to
all lease arrangements in which it is the lessee. The right-of-use assets are initially measured at cost in accordance with IFRS 16 and
subsequently at fair value in the balance sheet with changes in fair value taken to the income statement in accordance with IAS 40.
Accounting policies
Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. The
consolidated financial statements include joint ventures initially at cost, subsequently increased or decreased by the Group\u2019s
share of total gains and losses of joint ventures on an equity basis. Interest-free joint venture investment loans are initially
recorded at fair value \u2013 the difference between the nominal amount and fair value being treated as an investment in the joint
venture. The implied discount is amortised over the contracted life of the investment loan.
The Directors consider that the agreements integral to its joint ventures result in the Group having joint control over the key
matters required to operate the joint ventures. A significant degree of judgement is exercised in this assessment due to the
complexity of the contractual arrangements.
USAF, LSAV and NUJV are jointly-owned entities that are accounted for as joint ventures. Due to the complexity of the contractual
arrangements and Unite Group\u2019s role as manager of the joint venture vehicles, the assessment of joint control involves
judgements around a number of significant factors. These factors include how Unite Group as fund manager has the ability to direct
relevant activities such as acquisitions, disposals, capital expenditure for refurbishments and funding whether through debt or
equity.
This assessment for USAF is complex because of the number of unit holders and how their rights are represented through an
Advisory Committee. For some of the activities it is not clear who has definitive control of the activities: in some scenarios the
Group can control, in others the Advisory Committee. However, for the activities which are considered to have the greatest impact
on the returns of USAF, acquisitions and equity financing, it has been determined that the Group and the Advisory Committee
have joint control in directing these activities and that on balance, it is appropriate to account for USAF as a joint venture. The
assessment for LSAV is more straightforward because the Group and GIC each own 50% of the joint venture and there is therefore
much clearer evidence that control over the key activities is shared by the two parties.
The ownership of the Newcastle University Joint Venture is split: 51% The Group and 49% Newcastle University. Whilst the day-to-
day operations are managed by the Group, Newcastle University and the Group provide equal input into setting the business plan
and as such control is deemed to be shared by the two parties.
Accounting policies
In the financial statements of the Company, investments in subsidiaries are held at fair value. Changes in fair value are recognised
in profit or loss and presented in retained earnings in equity.
Accounting policies
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, less any attributable transaction costs,
and subsequently at amortised cost. Total financial assets at amortised costs is \u00a311.2 million (2024: \u00a337.5 million). Total financial
liabilities at amortised costs is \u00a31,308.8 million (2024: \u00a31,347.5 million).
With the exception of investments in subsidiaries and derivative financial instruments, no other financial assets or liabilities have
been classified as fair value through profit and loss.
The accounting policies applicable to specific financial assets and liabilities, and financing costs, are set out in the relevant notes.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on trade receivables.
The Accounting Policy is set out in full in note 5.2.
Derivative financial instruments
The Group enters into derivative financial instruments to manage its exposure to interest rate risk. Further details of derivative
financial instruments, including the relevant accounting policies, are disclosed in notes 4.2 and 4.5.
Accounting policies
Interest bearing borrowings are recognised initially at fair value, less attributable transaction costs. Subsequent to initial
recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption
value being recognised in the income statement over the period of the borrowings on an effective interest basis.
Accounting policies
Interest rate swaps are recognised initially and subsequently at fair value, with mark to market movements recognised in the
income statement unless cash flow hedge accounting is applied.
The Group designates certain interest rate derivatives as hedging instruments. The interest rate swap is designated as the hedging
instrument in a hedge of the variability in cash flows attributable to the interest risk of borrowings. At inception, the Group
documents the relationship between the hedging instrument and the hedged item, along with the risk management objectives
and its strategy for undertaking various hedge transactions.
Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is
effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the
hedging relationships meet all of the following hedge effectiveness requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument
\u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The effective portion of changes in fair value of the interest rate swap is recognised in Other Comprehensive Income and
presented under the heading of Hedging reserve in equity, limited to the cumulative change in fair value of the hedged item from
inception of the hedge. Any ineffective portion of changes in the fair value of the interest rate swap is recognised immediately
in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to
profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. If the
Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is
immediately reclassified to profit or loss.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying
criteria. This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation
is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the hedging
reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast
transaction is no longer expected to occur, the gain or loss accumulated in the hedging reserve is reclassified immediately to
profit or loss.
The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the
balance sheet date, taking into account current interest rates and the current creditworthiness of the swap counterparties.
Accounting policies
Net financing costs comprise interest payable on borrowings and interest on lease liabilities, less interest receivable on funds
invested (both calculated using the effective interest rate method) and gains and losses on hedging instruments that are
recognised in the income statement.
Accounting policies
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use
asset (see note 3.1a) and a corresponding lease liability with respect to all lease arrangements in which it is the lessee.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted by using the Group\u2019s incremental borrowing rate (since the rate implicit in the leases cannot be readily determined) at
the inception of each lease.
The lease liability is presented as a separate line in the consolidated balance sheet.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the
effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability whenever:
\u2022 The lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a
revised discount rate
\u2022 The lease payments change due to changes in an index, in which cases the lease liability is remeasured by discounting the
revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating
interest rate, in which case a revised discount rate is used)
\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability
is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised
discount rate at the effective date of the modification.
The Group did not make any such adjustments during the period presented.
Accounting policies
Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on a business
combination, are shown as a deduction, net of tax, in equity from the proceeds. Share issue costs incurred directly in connection
with a business combination are deducted from the proceeds of the issue.
Accounting policies
Dividends are recognised through equity on the earlier of their approval by the Company\u2019s shareholders or their payment.
Accounting policies
Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short term, highly liquid investments
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as
a component of cash and cash equivalents for the purpose of the statement of cash flows.
Accounting policies
On the basis that trade receivables meet the business model and cash flow characteristics tests, they are initially recognised at
transaction price and then subsequently measured at amortised cost.
The Group applies the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these
items do not have a significant financing component.
In measuring the expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared
credit risk characteristics. They have been grouped based on the days past due and also according to whether the tenant is a
commercial organisation (including universities) or an individual student.
The expected loss rates are based on the payment profile for sales by academic year as well as the corresponding historical
credit losses during the period. The historical rates are adjusted to reflect any current and forward-looking macroeconomic
factors affecting the customer\u2019s ability to settle the amount outstanding, however given the short period exposed to credit risk,
the impact of macroeconomic factors has not been considered significant within the reporting period.
Trade receivables are written off (i.e. derecognised) when there is no reasonable expectation of recovery. Failure to make
payments within a reasonable period from the invoice date and failure to engage with the Group on alternative payment
arrangements, amongst others, are considered indicators of no reasonable expectation of recovery.
Other financial asset balances are assessed for expected credit losses based on the underlying nature of the asset, including
maturity and age of the asset such as whether a longer-term asset or a short-term working capital balance is subject to regular
settlement arrangements, using the 12-month ECL model. No credit losses have been recognised in respect of these balances.
Financial assets written off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into
account legal advice where appropriate. Any recoveries made are recognised in profit or loss.
The Company\u2019s impairment policies in relation to financial assets are consistent with those of the Group, with additional
consideration given to loans to Group undertakings. In this respect, the Company recognises lifetime ECL when there has been
a significant increase in credit risk (such as changes to credit ratings) since initial recognition. However, if the credit risk on the
loans have not increased significantly since initial recognition, the Company measures the loss allowance for that financial
instrument at an amount equal to 12-month ECL.
The Company expects that the loans to Group undertakings will be repaid in full at maturity or when called. If the Group
undertakings were unable to repay loan balances, the Company expects that in such circumstances the counterparty would
negotiate extended credit terms with the Company. As such, the expected credit loss is considered immaterial. No change
in credit risk is deemed to have occurred since initial recognition and therefore a 12-month expected credit loss has been
calculated based on the assessed probability of default.
Accounting policies
Trade payables are initially recognised at the value of the invoice received from a supplier (fair value) and subsequently at amortised
cost. The carrying value of trade payables is considered approximate to fair value. Group amounts are payable on demand.
Accounting policies
The Group operates a defined contribution pension scheme. Obligations for contributions to defined contribution pension plans
are recognised as an expense in the income statement as incurred.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfRevenueExplanatory_D1387128184_CY": {
"value": "The Group earns revenue from the following activities:
| | Note | 2025 | |
| | | | 2024 |
| | | \u00a3m | |
| | | | \u00a3m |
| Rental income* | Operations segment | 2.2a | 307.7 | 282.0 |
| Management fees | Operations segment | | 17.3 | 17. 3 |
| Cladding compensation | | | 3.5 | - |
| Joint venture formation fee | Property segment result | | 4.3 | - |
| Total revenue | | | 332.8 | |
| | | | 299.3 |
* EPRA earnings includes \u00a3428.2 million (2024: \u00a3398.0 million) of rental income, which is comprised of \u00a3307.7 million (2024: \u00a3282.0 million)
recognised on wholly-owned assets and a further \u00a3120.5 million (2024: \u00a3116.0 million) from joint ventures, which is included in share of
joint venture profit/(loss) in the consolidated income statement.
The cost of sales included in the consolidated income statement includes property operating expenses of \u00a396.8 million
(2024: \u00a386.4 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_D451381492_CY": {
"value": "2.5 Tax
As a REIT, rental profits and gains on disposal of investment properties are exempt from corporation tax. The Group pays
UK corporation tax on the profits from its residual business, including management fees received from joint ventures, together
with UK income tax on rental income that arises from investments held by offshore subsidiaries in which the Group holds a
non-controlling interest.
2.5a) Tax \u2013 income statement
The total taxation charge/(credit) in the income statement is analysed as follows:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Corporation tax on residual business income arising in UK companies | 3.3 | 4.9 |
| Income tax on UK rental income arising in non-UK companies | - | 0.1 |
| Prior year adjustments | (0.2) | (0.2) |
| Current tax charge | 3.1 | 4.8 |
| Reversal of deferred tax provision in respect of REIT property business assets | (2.7) | - |
| Origination and reversal of temporary differences | - | (2.6) |
| Adjustments in respect of prior periods | (0.3) | - |
| Deferred tax credit | (3.0) | (2.6) |
| Total tax charge in income statement | 0.1 | 2.2 |
The movement in deferred tax provided is shown in more detail in note 2.5d.
In the income statement, a tax debit of \u00a30.1 million arises on a profit before tax of \u00a397.7 million. The taxation charge that would arise
at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Profit before tax | 97.7 | 444.0 |
| Income tax using the UK corporation tax rate of 25% (2024: 25.0%) | 24.6 | 111.0 |
| Property rental business profits exempt from tax in the REIT Group | (48.4) | (42.7) |
| Property revaluations not subject to tax | 15.9 | (66.6) |
| Mark to market changes in interest rate swaps not subject to tax | 5.1 | (0.4) |
| Unrealised gains on investments | - | (0.4) |
| Effect of other permanent differences | 3.4 | 1.4 |
| Effect of tax deduction transferred to equity on share schemes | - | 0.1 |
| Prior years adjustments | (0.5) | (0.2) |
| Total tax charge/(credit) in income statement | 0.1 | 2.2 |
As a UK REIT, the Group is exempt from UK corporation tax on the profits from its property rental business. Accordingly, the element
of the Group\u2019s profit before tax relating to its property rental business has been separately identified in the reconciliation above.
No deferred tax asset has been recognised in respect of the Group\u2019s accumulated tax losses on the basis that they are not expected
to be utilised in future periods. At 31 December 2025, these losses totalled \u00a314.7 million (2024: \u00a315.3 million).
Although the Group does not pay UK corporation tax on the profits from its property rental business, it is required to distribute 90%
of the profits from its property rental business after accounting for tax adjustments as a Property Income Distribution (PID). PIDs are
charged to tax in the same way as property income in the hands of the recipient. For the year ended 31 December 2025, the required
PID is expected to be fully paid by the end of 2026.
2.5b) Tax \u2013 other comprehensive income
Within other comprehensive income a tax charge totalling \u00a3nil (2024: \u00a3nil) has been recognised.
2.5c) Tax \u2013 statement of changes in equity
Within the statement of changes in equity a tax charge totalling \u00a3nil (2024: \u00a30.2 million charge) has been recognised representing
deferred tax. An analysis of this is included below in the deferred tax movement table.
2.5d) Tax \u2013 balance sheet
The table below outlines the deferred tax (assets)/liabilities that are recognised in the balance sheet, together with their movements
in the year:
2025
| At 31 Dec | | | |
| 2024 | | | |
| | Charged/ | | |
| | (Credited) in | | |
| | income | | |
| | | Charged/ | |
| | | (Credited) in | |
| | | equity | |
| | | | At 31 Dec |
| | | | 2025 |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Property, plant and machinery | (7.2) | (3.1) | - | (10.3) |
| Share schemes | (1.0) | 0.1 | - | (0.9) |
| Net tax assets | (8.2) | (3.0)* | - | (11.2) |
* The \u00a33.0 million credit above includes tax movements totalling \u00a33.0 million in respect of Property, plant and machinery and share schemes
that are included in EPRA earnings, which is why they are not adjusted for in the IFRS reconciliation in note 2.2b).
| 2024 | | | | |
| | Charged/ | Charged/ | |
| At 31 | | | |
| | (Credited) in | (Credited) in | |
| | | | At 31 |
| December | | | |
| | | | | |
| 2023 | income | | |
| | | equity | |
| | | | December |
| | | | | |
| | | | 2024 |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Investments | 0.4 | (0.4) | - | - |
| Property, plant and machinery | (4.9) | (2.3) | - | ( 7.2) |
| Share schemes | (1.1) | - | 0.1 | (1.0) |
| Tax value of carried forward losses recognised | - | 0.1 | (0.1) | - |
| Net tax liabilities/(assets) | (5.6) | (2.6)* | - | (8.2) |
*The \u00a32.6m credit above includes tax movements totalling \u00a32.3m in respect of Property, plant and machinery and Losses that are included in
EPRA earnings, which is why they are not included in the IFRS reconciliation in note 2.2b).
The deferred tax liability at 31 December 2025 has been calculated based on the rate at which it is expected to reverse.
As a REIT, disposals of investment property and property rich investments are exempt from tax and as a result no deferred tax
liability has been recognised in relation to these assets.
Company
Deferred tax has not been recognised on temporary differences of \u00a31.7 million (2024: \u00a31.7 million) in respect of revaluation of
subsidiaries and investment in joint ventures as it is considered unlikely that these investments will be divested.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfDeferredTaxesExplanatory_D107555298_CY": {
"value": "2.5 Tax
As a REIT, rental profits and gains on disposal of investment properties are exempt from corporation tax. The Group pays
UK corporation tax on the profits from its residual business, including management fees received from joint ventures, together
with UK income tax on rental income that arises from investments held by offshore subsidiaries in which the Group holds a
non-controlling interest.
2.5a) Tax \u2013 income statement
The total taxation charge/(credit) in the income statement is analysed as follows:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Corporation tax on residual business income arising in UK companies | 3.3 | 4.9 |
| Income tax on UK rental income arising in non-UK companies | - | 0.1 |
| Prior year adjustments | (0.2) | (0.2) |
| Current tax charge | 3.1 | 4.8 |
| Reversal of deferred tax provision in respect of REIT property business assets | (2.7) | - |
| Origination and reversal of temporary differences | - | (2.6) |
| Adjustments in respect of prior periods | (0.3) | - |
| Deferred tax credit | (3.0) | (2.6) |
| Total tax charge in income statement | 0.1 | 2.2 |
The movement in deferred tax provided is shown in more detail in note 2.5d.
In the income statement, a tax debit of \u00a30.1 million arises on a profit before tax of \u00a397.7 million. The taxation charge that would arise
at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Profit before tax | 97.7 | 444.0 |
| Income tax using the UK corporation tax rate of 25% (2024: 25.0%) | 24.6 | 111.0 |
| Property rental business profits exempt from tax in the REIT Group | (48.4) | (42.7) |
| Property revaluations not subject to tax | 15.9 | (66.6) |
| Mark to market changes in interest rate swaps not subject to tax | 5.1 | (0.4) |
| Unrealised gains on investments | - | (0.4) |
| Effect of other permanent differences | 3.4 | 1.4 |
| Effect of tax deduction transferred to equity on share schemes | - | 0.1 |
| Prior years adjustments | (0.5) | (0.2) |
| Total tax charge/(credit) in income statement | 0.1 | 2.2 |
As a UK REIT, the Group is exempt from UK corporation tax on the profits from its property rental business. Accordingly, the element
of the Group\u2019s profit before tax relating to its property rental business has been separately identified in the reconciliation above.
No deferred tax asset has been recognised in respect of the Group\u2019s accumulated tax losses on the basis that they are not expected
to be utilised in future periods. At 31 December 2025, these losses totalled \u00a314.7 million (2024: \u00a315.3 million).
Although the Group does not pay UK corporation tax on the profits from its property rental business, it is required to distribute 90%
of the profits from its property rental business after accounting for tax adjustments as a Property Income Distribution (PID). PIDs are
charged to tax in the same way as property income in the hands of the recipient. For the year ended 31 December 2025, the required
PID is expected to be fully paid by the end of 2026.
2.5b) Tax \u2013 other comprehensive income
Within other comprehensive income a tax charge totalling \u00a3nil (2024: \u00a3nil) has been recognised.
2.5c) Tax \u2013 statement of changes in equity
Within the statement of changes in equity a tax charge totalling \u00a3nil (2024: \u00a30.2 million charge) has been recognised representing
deferred tax. An analysis of this is included below in the deferred tax movement table.
2.5d) Tax \u2013 balance sheet
The table below outlines the deferred tax (assets)/liabilities that are recognised in the balance sheet, together with their movements
in the year:
2025
| At 31 Dec | | | |
| 2024 | | | |
| | Charged/ | | |
| | (Credited) in | | |
| | income | | |
| | | Charged/ | |
| | | (Credited) in | |
| | | equity | |
| | | | At 31 Dec |
| | | | 2025 |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Property, plant and machinery | (7.2) | (3.1) | - | (10.3) |
| Share schemes | (1.0) | 0.1 | - | (0.9) |
| Net tax assets | (8.2) | (3.0)* | - | (11.2) |
* The \u00a33.0 million credit above includes tax movements totalling \u00a33.0 million in respect of Property, plant and machinery and share schemes
that are included in EPRA earnings, which is why they are not adjusted for in the IFRS reconciliation in note 2.2b).
| 2024 | | | | |
| | Charged/ | Charged/ | |
| At 31 | | | |
| | (Credited) in | (Credited) in | |
| | | | At 31 |
| December | | | |
| | | | | |
| 2023 | income | | |
| | | equity | |
| | | | December |
| | | | | |
| | | | 2024 |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Investments | 0.4 | (0.4) | - | - |
| Property, plant and machinery | (4.9) | (2.3) | - | ( 7.2) |
| Share schemes | (1.1) | - | 0.1 | (1.0) |
| Tax value of carried forward losses recognised | - | 0.1 | (0.1) | - |
| Net tax liabilities/(assets) | (5.6) | (2.6)* | - | (8.2) |
*The \u00a32.6m credit above includes tax movements totalling \u00a32.3m in respect of Property, plant and machinery and Losses that are included in
EPRA earnings, which is why they are not included in the IFRS reconciliation in note 2.2b).
The deferred tax liability at 31 December 2025 has been calculated based on the rate at which it is expected to reverse.
As a REIT, disposals of investment property and property rich investments are exempt from tax and as a result no deferred tax
liability has been recognised in relation to these assets.
Company
Deferred tax has not been recognised on temporary differences of \u00a31.7 million (2024: \u00a31.7 million) in respect of revaluation of
subsidiaries and investment in joint ventures as it is considered unlikely that these investments will be divested.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_D1830492493_CY": {
"value": "Accounting policies
The tax charge for the year is recognised in the income statement, statement of comprehensive income and the statement of
changes in equity, according to the accounting treatment of the related transaction. The tax charge comprises both current and
deferred tax.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax
payable in respect of previous years. The current tax charge is based on tax rates that are enacted or substantively enacted
at the year-end.
Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and those for taxation purposes. Temporary differences relating to investments in subsidiaries and joint
ventures are not provided for to the extent that they will probably not reverse in the foreseeable future. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities.
As a REIT, rental profits and gains on disposal of investment properties and property rich investments are exempt from
corporation tax. As a result, no deferred tax provision has been recognised at the balance sheet date in respect of property assets
or units in USAF and LSAV held by members of the REIT Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_D1411791220_CY": {
"value": "Accounting policies
The tax charge for the year is recognised in the income statement, statement of comprehensive income and the statement of
changes in equity, according to the accounting treatment of the related transaction. The tax charge comprises both current and
deferred tax.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax
payable in respect of previous years. The current tax charge is based on tax rates that are enacted or substantively enacted
at the year-end.
Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and those for taxation purposes. Temporary differences relating to investments in subsidiaries and joint
ventures are not provided for to the extent that they will probably not reverse in the foreseeable future. The amount of deferred
tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities.
As a REIT, rental profits and gains on disposal of investment properties and property rich investments are exempt from
corporation tax. As a result, no deferred tax provision has been recognised at the balance sheet date in respect of property assets
or units in USAF and LSAV held by members of the REIT Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory_D1865391034_CY": {
"value": "2.6 Audit fees
During the year, the Group obtained the following services from the Company\u2019s auditor and its associates:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Fees payable to the Group\u2019s auditors for the audit of the Parent Company and consolidated financial statements | 0.8 | 0.6 |
| Fees payable to the Group\u2019s auditors for other services to the Group | | |
| - Audit of the financial statements of subsidiaries | 0.1 | 0.1 |
| Total audit fees payable to the Group\u2019s auditors | 0.9 | 0.7 |
| Audit-related assurance services | 0.1 | 0.1 |
| Other services | - | 0.1 |
| Total non-audit fees | 0.1 | 0.2 |
Non-audit fees in 2025 include services provided in respect of the half year review. Non-audit fees in 2024 include services provided
in respect of the half year review and reporting accounting procedures.
Details on the Company\u2019s policy on the use of the auditor for non-audit services is also set out in the Audit & Risk Committee Report
on page 103.
No services were provided pursuant to contingent fee arrangements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfInvestmentPropertyExplanatory_D1865013822_CY": {
"value": "3.1 Wholly-owned property assets
The Group\u2019s wholly-owned property portfolio is held in four groups on the balance sheet at the carrying values detailed below.
In the Group\u2019s EPRA NTA all these groups are shown at market value, except where otherwise stated.
i) Investment property (owned)
These are assets that the Group intends to hold for a long period to earn rental income or capital appreciation. The assets are
measured at fair value in the balance sheet with changes in fair value taken to the income statement.
ii) Investment property (leased)
These are assets the Group sold to institutional investors and simultaneously leased back. These right-of-use assets are measured at
fair value in the balance sheet with changes in fair value taken to the income statement.
iii) Investment property (under development)
These are assets which are currently in the course of construction and which will be transferred to Investment property on
completion. The assets are initially recognised at cost and are subsequently measured at fair value in the balance sheet with changes
in fair value taken to the income statement.
iv) Investment property classified as held for sale
These are assets whose carrying amount will be recovered through a sale transaction rather than to hold for long-term rental income
or capital appreciation. This condition is regarded as met only when the sale is highly probable and the investment property is
available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify
for recognition as a completed sale within one year from the date of classification. The assets are measured at fair value in the balance
sheet, with changes in fair value taken to the income statement. They are presented as current assets in the IFRS balance sheet.
Valuation process
The valuations of the properties are performed twice a year on the basis of valuation reports prepared by external, independent
valuers, having an appropriate recognised professional qualification. The fair values are based on market values as defined in the
RICS Appraisal and Valuation Manual, issued by the Royal Institution of Chartered Surveyors, and taking account of committed fire
safety and external fa\u00e7ade works as provided by Unite Group. CB Richard Ellis Ltd, Jones Lang LaSalle Ltd, and Messrs Knight Frank
LLP Chartered Surveyors acted as valuers for both 2024 and 2025, Savills Ltd were added as valuers in 2025.
The valuations are based on:
Information provided by the Group such as current rents, occupancy, operating costs, terms and conditions of leases and nomination
agreements and capital expenditure. This information is derived from the Group\u2019s financial systems and is subject to the Group\u2019s
overall control environment.
Assumptions and valuation models used by the valuers \u2013 the assumptions are typically market related, such as yield, discount rates
and Net Operating Income. These are based on their professional judgement and market observation.
The fair value of the Group\u2019s wholly-owned properties and the movements in the carrying value of the Group\u2019s wholly-owned
property portfolio during the year ended 31 December 2025 are shown in the table below.
| Investment | | | |
| property | | | |
| (owned) | | | |
| | Investment | | |
| | property | | |
| | (leased) | | |
| | | Investment | |
| | | property | |
| | | under | |
| | | development | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| At 1 January 2025 | 4,025.5 | 71.8 | 451.4 | 4,548.7 |
| Additions | - | - | - | - |
| Cost capitalised | 77.6 | 1.4 | 152.4 | 231.4 |
| Interest capitalised | - | - | 26.8 | 26.8 |
| Transfer from investment property under development | 188.9 | - | (188.9) | - |
| Disposals | (1.8) | - | (0.8) | (2.6) |
| Net valuation gains/(losses) | (69.8) | (12.9) | (2.5) | (85.2) |
| Carrying value at 31 December 2025 | 4,220.4 | 60.3 | 438.4 | 4,719.1 |
Investment property (owned) includes an Asset Held for Sale of \u00a34 million.
The fair value of the Group\u2019s wholly-owned properties and the movements in the carrying value of the Group\u2019s wholly-owned
property portfolio during the year ended 31 December 2024 are shown in the table below.
| 2024 | | | | |
| Investment | | | |
| property | | | |
| (owned) | | | |
| | Investment | | |
| | property | | |
| | (leased) | | |
| | | Investment | |
| | | property under | |
| | | development | Total |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| At 1 January 2024 | 3,694.3 | 84.7 | 174.7 | 3,953.7 |
| Additions | 282.9 | - | 64.9 | 347.8 |
| Cost capitalised | 68.3 | 2.2 | 198.8 | 269.3 |
| Interest capitalised | - | - | 15.5 | 15.5 |
| Transfer from investment property under development | 37.0 | - | (37.0) | - |
| Transfer from work in progress | - | - | 17.9 | 17.9 |
| Transfer to assets held for sale | (92.6) | - | - | (92.6) |
| Disposals | (112.2) | (13.2) | ( 7.5) | (132.9) |
| Valuation gains | 228.4 | - | 33.9 | 262.3 |
| Valuation losses | (65.8) | (1.9) | (9.8) | ( 77. 5) |
| Net valuation gains/(losses) | 162.6 | (1.9) | 24.1 | 184.8 |
| Committed fire safety and external fa\u00e7ade works | (14.8) | - | - | (14.8) |
| Carrying value at 31 December 2024 | 4,025.5 | 71.8 | 451.4 | 4,548.7 |
Assets classified as held for sale at 31 December 2024 are comprised of \u00a392.6 million of investment property (owned). Assets held
for sale are reported within the Property segment and represent a portfolio of properties (split across the Group and joint ventures)
intended to be sold within the next 12 months.
Total interest capitalised in investment properties (owned) and investment properties under development at 31 December 2025 was
\u00a3108.7 million (2024: \u00a381.9 million) on a cumulative basis.
Total internal costs capitalised in investment properties (owned) and investment properties under development was \u00a392.6 million at
31 December 2025 (2024: \u00a384.4 million) on a cumulative basis.
Capital Commitments
The Company has contractual commitments of \u00a374.0 million due within one year (2024: \u00a3324.7 million) and \u00a335.0 million due within
two to four years (2024: \u00a3263.0 million). This relates to land, property, plant, and equipment as well as committed development costs.
Recurring fair value measurement
All investment and development properties are classified as Level 3 in the fair value hierarchy.
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| London \u2013 rental properties | 1,316.0 | |
| | 1,286.7 |
| Prime regional \u2013 rental properties | 1,512.8 | |
| | 1,314.2 |
| Major regional \u2013 rental properties | 1,226.6 | |
| | 1,346.7 |
| Provincial \u2013 rental properties | 96.1 | |
| | 100.7 |
| London \u2013 development properties | 372.0 | |
| | 269.5 |
| Prime regional \u2013 development properties | 21.0 | |
| | 157.7 |
| Major regional \u2013 development properties | 40.8 | |
| | 13.0 |
| London build-to-rent | 69.8 | |
| | 69.8 |
| Prime regional build-to-rent \u2013 development properties | 3.7 | |
| | 11. 2 |
| Investment property (owned) | 4,658.8 | |
| | 4,569.5 |
| Investment property (leased) | 60.3 | |
| | 71.8 |
| Market value (including assets classified as held for sale) | 4,719.1 | |
| | 4,641.3 |
| Investment property (classified as held for sale) | - | |
| | (92.6) |
| Market value | 4,719.1 | |
| | 4,548.7 |
The valuations have been prepared in accordance with the latest version of the RICS Valuation \u2013 Global Standards (incorporating the
International Valuation Standards) and the UK national supplement (the Red Book) based on net rental income, estimated future
costs, occupancy, property management costs and the net initial yield or discount rate.
Where the asset is leased to a university, the valuations also reflect the length of the lease, the allocation of maintenance and
insurance responsibilities between the Group and the lessee, and the market\u2019s general perception of the lessee\u2019s creditworthiness.
The resulting valuations are cross-checked against comparable market transactions.
For development properties, the fair value is usually calculated by estimating the fair value of the completed property (using the
discounted cash flow method) less estimated costs to completion.
Fair value using unobservable inputs (Level 3)
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Opening fair value | 4,548.7 | |
| | 3,953.7 |
| Additions | - | |
| | 347.8 |
| Gains and losses recognised in income statement | (85.2) | |
| | 184.8 |
| Transfer to assets held for sale | - | |
| | (92.6) |
| Capital expenditure | 258.2 | |
| | 302.7 |
| Disposals | (2.6) | |
| | (132.9) |
| Committed fire safety and external fa\u00e7ade works | - | |
| | (14.8) |
| Closing fair value | 4,719.1 | |
| | 4,548.7 |
| Investment property (classified as held for sale) | - | |
| | 92.6 |
| Closing fair value (including assets classified as held for sale) | 4,719.1 | |
| | 4,641.3 |
Quantitative information about fair value measurements using unobservable inputs (Level 3)
| 2025 | | | | | |
| Class of asset | | | | | |
| Fair value | | | | |
| \u00a3m | | | | |
| | Valuation | | | |
| | technique | Unobservable inputs | Range | |
| | | | | Weighted |
| | | | | average |
| London \u2013 rental properties | 1,316.0 | RICS Red Book | Net rental income (\u00a3 per week) | \u00a3224 \u2013 \u00a3508 | \u00a3347 |
| | | | Estimated future rent increase (%) | 3% | 3% |
| | | | | | |
| | | Net initial yield/discount rate (%) | | |
| | | | 4.4% \u2013 4.8% | 4.5% |
| Prime regional \u2013 rental | | | | | |
| properties | | | | | |
| 1,512.8 | RICS Red Book | Net rental income (\u00a3 per week) | \u00a3168 - \u00a3377 | \u00a3205 |
| | | | | | |
| | | Estimated future rent increase (%) | 2% \u2013 3% | 3% |
| | | | | | |
| | | Net initial yield/discount rate (%) | 4.5% \u2013 7.2% | 5.2% |
| Major regional \u2013 rental | | | | | |
| properties | | | | | |
| 1,226.6 | RICS Red Book | Net rental income (\u00a3 per week) | \u00a3100 \u2013 \u00a3232 | \u00a3169 |
| | | | | | |
| | | Estimated future rent increase (%) | 3% | 3% |
| | | | | | |
| | | Net initial yield/discount rate (%) | 5.3% \u2013 7.0% | 5.8% |
| Provincial \u2013 rental | | | | | |
| properties | | | | | |
| 96.1 | RICS Red Book | Net rental income (\u00a3 per week) | \u00a3127 \u2013 \u00a3166 | \u00a3142 |
| | | | | | |
| | | Estimated future rent increase (%) | 3% | 3% |
| | | | | | |
| | | Net initial yield/discount rate (%) | 7.5% \u2013 16.2% | 9.0% |
| London \u2013 development | | | | | |
| properties | | | | | |
| 372.0 | RICS Red Book | Estimated costs to complete (\u00a3m) | \u00a321m \u2013 \u00a3136m | \u00a371m |
| | | | | | |
| | | Net rental income (\u00a3 per week) | \u00a3311 \u2013 \u00a3513 | \u00a3358 |
| | | | | | |
| | | Estimated future rent increase (%) | 3% | 3% |
| | | | | | |
| | | Net initial yield/discount rate (%) | 4.5% \u2013 4.5% | 4.5% |
| Prime regional \u2013 | | | | | |
| development properties | | | | | |
| 21.0 | RICS Red Book | Estimated costs to complete (\u00a3m) | \u00a356m | \u00a356m |
| | | | | | |
| | | Net rental income (\u00a3 per week) | \u00a3263 | \u00a3263 |
| | | | | | |
| | | Estimated future rent (%) | 3% | 3% |
| | | | | | |
| | | Net initial yield/discount rate (%) | 4.5% | 4.5% |
| Major regional \u2013 | | | | | |
| development properties | | | | | |
| 40.8 | RICS Red Book | Estimated costs to complete (\u00a3m) | \u00a388m | \u00a388m |
| | | | | | |
| | | Net rental income (\u00a3 per week) | \u00a3241 | \u00a3241 |
| | | | | | |
| | | Estimated future rent (%) | 3% | 3% |
| | | | | | |
| | | Net initial yield/discount rate (%) | 5.4% | 5.4% |
| 4,585.3 | | | | |
| Investment property (BTR) | 68.7 | RICS Red Book | Net rental income (\u00a3 per week) | \u00a3504.7 | \u00a3504.7 |
| | | Estimated future rent increase (%) | 3% | 3% |
| | | Net initial yield/discount rate (%) | 4.6% | 4.6% |
| Development Property (BTR) | 4.9 | RICS Red Book | Estimated costs to complete (\u00a3m) | \u00a329m | \u00a329m |
| | | | | |
| | | Net rental income (\u00a3 per week) | \u00a3370 | \u00a3370 |
| | | | | | |
| | | Estimated future rent increase (%) | 3% | 3% |
| | | | | | |
| | | Net initial yield/discount rate (%) | 4.8% | 4.8% |
| 73.6 | | | | |
| Investment property | | | | | |
| (leased) | | | | | |
| 60.3 | Discounted | | | |
| | cash flows | | | |
| | | Net rental income (\u00a3 per week) | \u00a3119 \u2013 \u00a3213 | \u00a3155 |
| | | | | | |
| | | Estimated future rent increase (%) | 2% \u2013 4% | 3% |
| | | | | | |
| | | Net initial yield/discount rate (%) | 10.0% | 10.0% |
| 4,719.1 | | | | |
| 2024 | | | | | |
| Class of asset | | | | | |
| Fair value | | | | |
| \u00a3m | | | | |
| | Valuation | | | |
| | technique | Unobservable inputs | Range | |
| | | | | Weighted |
| | | | | average |
| London \u2013 rental properties | 1,286.7 | RICS Red Book | Net rental income (\u00a3 per week) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | | \u00a3214 \u2013 \u00a3479 | |
| | | | 2% \u2013 3% | |
| | | | 4.2% \u2013 4.8% | |
| | | | | \u00a3351 |
| | | | | 3% |
| | | | | 4.5% |
| Prime regional \u2013 rental properties | 1,314.2 | RICS Red Book | Net rental income (\u00a3 per week) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | | \u00a3160 \u2013 \u00a3342 | |
| | | | 2% \u2013 9% | |
| | | | 4.3% \u2013 7.1% | |
| | | | | \u00a3221 |
| | | | | 4% |
| | | | | 5.1% |
| Major regional \u2013 rental properties | 1,346.7 | RICS Red Book | Net rental income (\u00a3 per week) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | | \u00a387 \u2013 \u00a3224 | |
| | | | 2% \u2013 6% | |
| | | | 5.1% \u2013 7.9% | |
| | | | | \u00a3158 |
| | | | | 3% |
| | | | | 6.2% |
| Provincial \u2013 rental properties | 100.7 | RICS Red Book | Net rental income (\u00a3 per week) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | | \u00a3119 \u2013 \u00a3171 | |
| | | | 2% \u2013 6% | |
| | | | 7.2% \u2013 38.1% | |
| | | | | \u00a3133 |
| | | | | 3% |
| | | | | 14.7% |
| London \u2013 development properties | 269.5 | RICS Red Book | Estimated cost to complete (\u00a3m) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | Net rental income (\u00a3 per week) | | |
| | | | \u00a371m \u2013 \u00a3171m | |
| | | | 3% | |
| | | | 4.4% \u2013 4.5% | |
| | | | \u00a3299 \u2013 \u00a3485 | |
| | | | | \u00a3123m |
| | | | | 3% |
| | | | | 4.5% |
| | | | | \u00a3345 |
| Prime regional \u2013 development | | | | | |
| properties | | | | | |
| 157.7 | RICS Red Book | Estimated cost to complete (\u00a3m) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | Net rental income (\u00a3 per week) | | |
| | | | \u00a322m \u2013 \u00a3263m | |
| | | | 3.0% | |
| | | | 4.4% \u2013 5.2% | |
| | | | \u00a3247 \u2013 \u00a3271 | |
| | | | | \u00a3165m |
| | | | | 3% |
| | | | | 4.6% |
| | | | | \u00a3258 |
| Major regional \u2013 development | | | | | |
| properties | | | | | |
| 13.0 | RICS Red Book | Estimated cost to complete (\u00a3m) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | Net rental income (\u00a3 per week) | | |
| | | | \u00a3107m | |
| | | | 3% | |
| | | | 5.4% | |
| | | | \u00a3236 | |
| | | | | \u00a3107m |
| | | | | 3% |
| | | | | 5.4% |
| | | | | \u00a3236 |
| 4,488.5 | | | | |
| Investment property \u2013 build-to-rent | 69.8 | RICS Red Book | Net rental income (\u00a3 per week) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | | \u00a3490 | |
| | | | 3% | |
| | | | 4.6% | |
| | | | | \u00a3490 |
| | | | | 3% |
| | | | | 4.6% |
| Development property \u2013 build-to-rent | 11.2 | RICS Red Book | Estimated cost to complete (\u00a3m) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | Net rental income (\u00a3 per week) | | |
| | | | \u00a317m | |
| | | | 3% | |
| | | | 4.4% | |
| | | | \u00a3226 | |
| | | | | \u00a317m |
| | | | | 3% |
| | | | | 4.4% |
| | | | | \u00a3226 |
| 4,569.5 | | | | |
| Investment property \u2013 leased | 71.8 | Discounted | | | |
| | cash flows | | | |
| | | Net rental income (\u00a3 per week) | | |
| | | Estimated rental growth (% p.a.) | | |
| | | Discount rate (yield) (%) | | |
| | | | \u00a3119 \u2013 \u00a3233 | |
| | | | 1% \u2013 5% | |
| | | | 10.0% | |
| | | | | \u00a3156 |
| | | | | 3% |
| | | | | 10.0% |
| Fair value at 31 December 2024 | 4,641.3 | | | | |
Fair value sensitivity analysis
A decrease in net rental income or occupancy will result in a decrease in the fair value, whereas a decrease in the discount rate (yield)
will result in an increase in fair value. There are inter-relationships between these rates as they are partially determined by market
conditions. These two key sources of estimation uncertainty are considered to represent those most likely to have a material impact
on the valuation of the Group\u2019s investment property (owned and development) within the next 12 months as a result of reasonably
possible changes in assumptions used. The potential effect of such reasonably possible changes has been assessed by the Group
and is set out below:
| Class of asset | | | | | |
| Fair value at | | | | |
| 31 Dec 2025 | | | | |
| | +5% change | | | |
| | in estimated | | | |
| | net rental | | | |
| | income | | | |
| | | -5% change | | |
| | | in estimated | | |
| | | net rental | | |
| | | income | | |
| | | | +25 bps | |
| | | | change in | |
| | | | net initial | |
| | | | yield | |
| | | | | -25 bps |
| | | | | change in |
| | | | | net initial |
| | | | | yield |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Rental properties | | | | | |
| London | 1,316.0 | 1,370.2 | 1,237.0 | 1,234.9 | |
| | | | | 1,381.1 |
| Prime regional | 1,512.8 | 1,579.9 | 1,426.5 | 1,432.5 | |
| | | | | 1,581.3 |
| Major regional | 1,226.6 | 1,286.6 | 1,158.7 | 1,169.9 | |
| | | | | 1,280.2 |
| Provincial | 96.1 | 100.9 | 91.4 | 93.4 | |
| | | | | 99.0 |
| Development properties | | | | | |
| London | 372.0 | 388.0 | 355.2 | 354.4 | |
| | | | | 390.9 |
| Prime regional | 21.0 | 22.0 | 19.9 | 19.9 | |
| | | | | 22.2 |
| Major regional | 40.8 | 42.9 | 38.8 | 39.0 | |
| | | | | 42.8 |
| Build-to-rent properties | | | | | |
| London | 68.7 | 71.4 | 64.5 | 64.3 | |
| | | | | 71.9 |
| Prime regional | 4.9 | 5.2 | 4.7 | 4.7 | |
| | | | | 5.2 |
| Market Value | 4,658.9 | 4,867.1 | 4,396.7 | | 4,413.0 |
| | | | | 4,874.6 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory_D53226571_CY": {
"value": "Accounting policies
Investment property (owned) and investment property (under development)
Investment property (owned) and investment property (under development) are held at fair value.
The external valuation of property assets involves significant judgement and changes to the core assumptions: rental income,
occupancy and property management costs, as well as estimated future costs, could have a significant impact on the carrying value
of these assets. Further details of the valuation process are included below.
Construction and borrowing costs are capitalised if they are directly attributable to the acquisition and construction of a property
asset. Capitalisation of borrowing costs commences when the activities to prepare the asset are in progress and expenditures and
borrowing costs are being incurred. Capitalisation of borrowing costs continues until the assets are substantially ready for their
intended use but stops if development activities are suspended. The capitalisation rate is arrived at by reference to the actual rate
payable on borrowings for development purposes or, with regard to that part of the development cost financed out of general
borrowings, to the average rate. During the year, the average capitalisation rate used was 5.9% (2024: 6.4%).
The recognition of acquisitions of investment property and land occurs at the date when control passes to Unite Group. The
recognition of disposals of investment property occurs on legal completion when control passes from Unite Group. In accordance
with IFRS 15, gains/(losses) from the disposal of investment property are recognised at a point in time.
Contingent consideration receivables are recognised on disposals where the amount of additional consideration is readily
identifiable. It is recognised at the constrained value determined by the amount that is highly probable to be receivable at the time of
the disposal, and any subsequent change in value is recognised in profit or loss in the later period.
The fair value of development properties is determined using a residual method, valuing each property at an estimate of what its fair
value would be when construction is completed, less the estimated total costs to complete (inclusive of a profit for the developer).
Investment property (leased)
The Group holds certain investment property under historical sale and leaseback arrangements, acting as an intermediate lessor
and subleasing its right-of-use assets. For each leased property, the Group assesses whether a contract is or contains a lease, at
inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability (see note 4.6a) with respect to
all lease arrangements in which it is the lessee. The right-of-use assets are initially measured at cost in accordance with IFRS 16 and
subsequently at fair value in the balance sheet with changes in fair value taken to the income statement in accordance with IAS 40.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_D2044685633_CY": {
"value": "3.2 Right-of-use assets and other non-current assets
3.2a) Right-of-use assets
| | 2025 | | | | |
| | | | | 2024 | |
| Buildings | Other | Total | | | |
| | | | Buildings | Other | Total |
| \u00a3m | \u00a3m | \u00a3m | | | |
| | | | \u00a3m | \u00a3m | \u00a3m |
| Cost | | | | | | |
| At 1 January | 8.9 | 0.3 | 9.2 | | | |
| | | | 5.0 | 0.8 | 5.8 |
| Additions | 5.9 | - | 5.9 | | | |
| | | | 3.9 | - | 3.9 |
| Disposals | (5.4) | - | (5.4) | | | |
| | | | - | (0.5) | (0.5) |
| At 31 December | 9.4 | 0.3 | 9.7 | | | |
| | | | 8.9 | 0.3 | 9.2 |
| Amortisation | | | | | | |
| At 1 January | (4.4) | (0.1) | (4.5) | | | |
| | | | (3.7) | (0.4) | (4.1) |
| Depreciation/amortisation charge for the year | (1.5) | (0.2) | (1.7) | | | |
| | | | (0.7) | (0.2) | (0.9) |
| Disposals | 4.8 | - | 4.8 | | | |
| | | | - | 0.5 | 0.5 |
| At 31 December | (1.1) | (0.3) | (1.4) | | | |
| | | | (4.4) | (0.1) | (4.5) |
| Carrying value at 1 January | 4.5 | 0.2 | 4.7 | | | |
| | | | 1.3 | 0.4 | 1.7 |
| Carrying amount at 31 December | 8.3 | - | 8.3 | | | |
| | | | 4.5 | 0.2 | 4.7 |
The Group leases several assets including offce equipment and vehicles. The average lease term is seven years (2024: five years).
Approximately 13% of the leases expired in the current financial year (2024: 7%). The expired offce contract was replaced and
therefore, there were \u00a35.9 million additions in 2025 (2024: \u00a33.0 million).
The maturity analysis of lease liabilities is presented in note 4.6a.
Details of interest on lease liabilities and total cash outflows for leases are presented in notes 4.1 and 4.3.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfOtherNoncurrentAssetsExplanatory_D5027213_CY": {
"value": "3.2b) Other non-current assets
The Group\u2019s other non-current assets can be analysed as follows:
| | 2025 | | | | |
| | | | | 2024 | |
| Property, | | | | | |
| plant and | | | | | |
| equipment | | | | | |
| | Intangible | | | | |
| | assets | Total | | | |
| | | | Property, | | |
| | | | plant and | | |
| | | | equipment | | |
| | | | | Intangible | |
| | | | | assets | Total |
| \u00a3m | \u00a3m | \u00a3m | | | |
| | | | \u00a3m | \u00a3m | \u00a3m |
| Cost or valuation | | | | | | |
| At 1 January | 16.3 | 73.7 | 90.0 | | | |
| | | | 14.5 | 68.6 | 83.1 |
| Additions | 4.0 | 8.6 | 12.6 | | | |
| | | | 1.8 | 5.1 | 6.9 |
| Disposals | (6.5) | (37.9) | (44.4) | | | |
| | | | - | - | - |
| At 31 December | 13.8 | 44.4 | 58.2 | | | |
| | | | 16.3 | 73.7 | 90.0 |
| Depreciation, amortisation and impairment losses | | | | | | |
| At 1 January | (11.9) | (63.3) | (75.2) | | | |
| | | | (11.1) | (59.3) | (70.4) |
| Depreciation/amortisation charge for the year | (0.9) | (4.3) | (5.2) | | | |
| | | | (0.8) | (4.0) | (4.8) |
| Disposals | 7.8 | 36.0 | 43.8 | | | |
| | | | - | - | - |
| At 31 December | (5.0) | (31.6) | (36.6) | | | |
| | | | (11.9) | (63.3) | (75.2) |
| Carrying value at 1 January | 4.4 | 10.4 | 14.8 | | | |
| | | | 3.4 | 9.3 | 12.7 |
| Carrying amount at 31 December | 8.8 | 12.8 | 21.6 | | | |
| | | | 4.4 | 10.4 | 14.8 |
Intangible assets include \u00a33.9 million (2024: \u00a30.5 million) of assets not being amortised as they are not yet ready for use. Property,
plant and equipment assets include \u00a3nil (2024: \u00a3nil) of assets not being depreciated as they are not ready for use. At 31 December
2025, the Group had capital commitments of \u00a3nil (2024: \u00a3nil) relating to intangible assets and \u00a3nil (2024: \u00a3nil) relating to property,
plant and equipment.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfJointVenturesExplanatory_D1092521780_CY": {
"value": "3.3 Investments in joint ventures (Group)
The Group has three joint ventures:
| Joint venture | | | | |
| Group\u2019s share of assets/ | | | |
| results 2025 (2024) | Objective | Partner | Legal entity |
| The UNITE UK Student | | | | |
| Accommodation Fund | | | | |
| (USAF) | | | | |
| 29.8% (29.1%) | Operate student | | |
| | accommodation | | |
| | throughout the UK | | |
| | | Consortium of investors | UNITE UK Student |
| | | | Accommodation Fund, a |
| | | | Jersey Unit Trust |
| London Student | | | | |
| Accommodation Venture | | | | |
| (LSAV) | | | | |
| 50% (50%) | Operate student | | |
| | accommodation in London | | |
| | and Birmingham | | |
| | | GIC Real Estate Pte, Ltd | |
| | | \u2013 real estate investment | |
| | | vehicle of the Government | |
| | | of Singapore | |
| | | | LSAV Unit Trust, a |
| | | | Jersey Unit Trust and |
| | | | LSAV (Holdings) Ltd, |
| | | | incorporated in Jersey |
| Newcastle University Joint | | | | |
| Venture (NUJV)* | | | | |
| 51% | Redevelop and operate | | |
| | student accomodation in | | |
| | Newcastle | | |
| | | Newcastle University | Unite Newcastle Holdco GP |
| | | | Limited |
* On 22nd of December 2025, the Group entered into a joint venture with Newcastle University.
3.3a) Net assets and results of the joint ventures
The summarised balance sheets and results for the year, and the Group\u2019s share of these joint ventures are as follows:
| 2025 | | | | | | | | |
| USAF | | LSAV | | Uni \u2013 JV | | Total | |
| \u00a3m | | \u00a3m | | \u00a3m | | \u00a3m | |
| Summarised balance sheet | Gross | Share | Gross | Share | Gross | Share | Gross | Share |
| Investment and development property | 2,826.5 | 843.4 | 2,039.0 | 1,019.5 | 36.2 | 18.5 | 4,901.7 | 1,881.4 |
| Cash and cash equivalents | 239.9 | 71.6 | 76.0 | 38.0 | - | - | 315.9 | 109.6 |
| Borrowings Non-Current | (937.3) | (279.7) | (722.6) | (361.3) | - | - | (1,659.9) | (641.0) |
| Borrowings Current | - | - | - | - | - | - | - | - |
| Swap assets | - | - | - | - | - | - | - | - |
| Other current assets | - | - | - | - | 32.7 | 16.7 | 32.7 | 16.7 |
| Other current liabilities | (69.4) | (20.7) | (21.8) | (10.9) | (35.0) | (17.8) | (126.2) | (49.4) |
| Net assets | 2,059.7 | 614.6 | 1,370.6 | 685.3 | 33.9 | 17.4 | 3,464.2 | 1, 317. 3 |
| Swap liabilities | - | - | - | - | - | - | - | - |
| EPRA net assets | 2,059.7 | 614.6 | 1,370.6 | 685.3 | 33.9 | 17.4 | 3,464.2 | 1, 317.3 |
| Summarised income statement | | | | | | | | |
| Rental income | 198.7 | 59.0 | 120.5 | 60.2 | - | - | 319.2 | 119.2 |
| Other income | 0.7 | 0.2 | 2.1 | 1.1 | - | - | 2.8 | 1.3 |
| Total Revenue | 199.4 | 59.2 | 122.6 | 61.3 | - | - | 322.0 | 120.5 |
| Costs of sales | (65.9) | (19.6) | (30.5) | (15.2) | - | - | (96.4) | (34.8) |
| Operating expenses | (2.8) | (0.6) | (1.5) | (0.8) | - | - | (4.3) | (1.4) |
| Results from operating activities | | | | | | | | |
| before (losses)/ | | | | | | | | |
| gains on property | | | | | | | | |
| 130.7 | 39.0 | 90.6 | 45.3 | - | - | 221.3 | 84.3 |
| Loss on disposal of property | (5.0) | (1.6) | - | - | - | - | (5.0) | (1.6) |
| Net valuation movement | 7.0 | 2.0 | 6.8 | 3.4 | (0.3) | (0.2) | 13.5 | 5.2 |
| Net financing (costs)/gains | (45.0) | (12.8) | (34.4) | (17.2) | - | - | (79.4) | (30.0) |
| Profit before tax | 87.7 | 26.6 | 63.0 | 31.5 | (0.3) | (0.2) | 150.4 | 57.9 |
| Taxation | (0.1) | - | (0.3) | (0.2) | - | - | (0.4) | (0.2) |
| Profit for the year after tax | 87.6 | 26.6 | 62.7 | 31.3 | (0.3) | (0.2) | 150.0 | 57.7 |
| Other comprehensive income | - | - | (1.0) | (0.5) | - | - | (1.0) | (0.5) |
| Total comprehensive (expense)/income | 87.6 | 26.6 | 61.7 | 30.8 | (0.3) | (0.2) | 149.0 | 57.2 |
| Dividends received from the joint ventures | | | | | | | | |
| during the year | | | | | | | | |
| - | 16.6 | - | 12.9 | - | - | - | 29.5 |
| 2024 | | | | | | | |
| USAF | | | LSAV | | Total | |
| \u00a3m | | | \u00a3m | | \u00a3m | |
| Summarised balance sheet | Gross | MI | Share | Gross | Share | Gross | Share |
| Investment property | 2,847.3 | - | 829.6 | 1,993.8 | 996.9 | 4,841.1 | 1,826.5 |
| Cash | 241.6 | - | 70.4 | 40.0 | 20.0 | 281.6 | 90.4 |
| Borrowings Non-Current | (937.3) | - | (273.1) | (276.0) | (138.0) | (1,213.3) | (411.1) |
| Borrowings Current | - | - | - | (400.0) | (200.0) | (400.0) | (200.0) |
| Swap assets | - | - | - | - | - | - | - |
| Other current assets | 7.9 | - | 2.3 | 22.8 | 11.4 | 30.7 | 13.7 |
| Other current liabilities | (85.7) | - | (25.0) | (47.8) | (23.9) | (133.5) | (48.9) |
| Net assets | 2,073.8 | - | 604.2 | 1,332.8 | 666.4 | 3,406.6 | 1,270.6 |
| Swap liabilities | - | - | - | - | - | - | - |
| EPRA net assets | 2,073.8 | - | 604.2 | 1,332.8 | 666.4 | 3,406.6 | 1,270.6 |
| | | | | | | | |
| Summarised income statement | | | | | | | |
| Rental income | 207.5 | - | 58.8 | 112.2 | 56.1 | 319.7 | 114.9 |
| Other income | 0.7 | - | 0.2 | 1.8 | 0.9 | 2.5 | 1.1 |
| Total Revenue | 208.2 | - | 59.0 | 114.0 | 57.0 | 322.2 | 116.0 |
| Cost of sales | (73.1) | - | (20.7) | (28.0) | (14.0) | (101.1) | (34.7) |
| Operating expenses | (2.6) | - | (0.7) | (1.4) | (0.7) | (4.0) | (1.4) |
| Results from operating activities before (losses)/ | | | | | | | |
| gains on property | | | | | | | |
| 132.5 | - | 37.6 | 84.6 | 42.3 | 217.1 | 79.9 |
| Profit/(loss) on disposal of property | (8.5) | - | (2.4) | - | - | (8.5) | (2.4) |
| Net valuation movement | 81.4 | - | 26.2 | 81.5 | 40.8 | 162.9 | 67.0 |
| Net financing (costs)/gains | (40.5) | - | (11.5) | (33.6) | (16.8) | (74.1) | (28.3) |
| Profit before tax | 164.9 | - | 49.9 | 132.5 | 66.3 | 297.4 | 116.2 |
| Taxation | (0.1) | - | - | (0.6) | (0.3) | (0.7) | (0.3) |
| Profit for the year after tax | 164.8 | - | 49.9 | 131.9 | 66.0 | 296.7 | 115.9 |
| Other comprehensive income | (0.7) | - | (0.3) | (3.6) | (2.0) | (4.3) | (2.3) |
| Total comprehensive (expense)/income | 164.1 | - | 47.6 | 128.3 | 64.0 | 292.4 | 113.6 |
| Dividends received from the joint ventures during the year | | | 13.8 | | 13.8 | | 27.6 |
USAF and LSAV use derivatives to hedge their borrowings. These derivatives are designated in cash flow hedge relationships which
are considered to be fully effective. The share of joint venture mark to market movements on hedging instruments is recognised in
the Group\u2019s Other Comprehensive Income within the share of joint venture mark to market movements on hedging instruments. The
total notional value of borrowings in hedge relationships at 31 December 2025 is \u00a3340 million (2024: \u00a3340 million).
3.3b) Movement in carrying value of the Group\u2019s investments in joint ventures
The carrying value of the Group\u2019s investment in joint ventures increased by \u00a352.3 million during the year ended 31 December 2025
(2024: \u00a346.0 million increase), resulting in an overall carrying value of \u00a31,317.3 million (2024: \u00a31,265.0 million).
The following table shows how the movement has arisen:
| 2025 | |
| | 2024 |
| | \u00a3m |
| \u00a3m | |
| Recognised in the income statement: | | |
| Operations segment result | 49.4 | |
| | 47.5 |
| Non-controlling interest share of Operations segment result | - | |
| | (0.2) |
| Management fee adjustment relating to trading with joint venture | 5.0 | |
| | 4.8 |
| Net valuation (losses)/gains on investment property | 5.2 | |
| | 67.0 |
| Property disposals | (1.6) | |
| | (2.4) |
| Ineffective swap | - | |
| | (0.4) |
| Other | (0.3) | |
| | (0.4) |
| 57.7 | |
| | 115.9 |
| Recognised in equity: | | |
| Movement in effective hedges | (0.5) | |
| | (2.3) |
| Other adjustments to the carrying value | | |
| Joint venture with Newcastle University | 17.9 | |
| | - |
| Profit adjustment related to trading with joint venture | (5.0) | |
| | (4.8) |
| Disposal of non-controlling interest | - | |
| | (27.9) |
| Additional capital invested in USAF | 11.7 | |
| | (7.4) |
| Distributions received | (29.5) | |
| | (27.5) |
| Increase/(Decrease) in carrying value | 52.3 | |
| | 46.0 |
| Carrying value at 1 January | 1,265.0 | |
| | 1,219.0 |
| Carrying value at 31 December | 1,317.3 | |
| | 1,265.0 |
3.3c) Transactions with joint ventures
The Group acts as asset and property manager for the joint ventures and receives management fees in relation to these services.
In addition, the Group is entitled to performance fees from USAF and LSAV if the joint ventures outperform certain benchmarks.
\u00a3nil performance fees were recognised in the year (2024: \u00a3nil).
| 2025 | |
| | 2024 |
| | \u00a3m |
| \u00a3m | |
| USAF | 17.2 | |
| | 16.9 |
| LSAV | 5.0 | |
| | 4.9 |
| Total fees | 22.2 | |
| | 21.8 |
Fees from joint ventures are shown net of the Group\u2019s share of the cost to the joint ventures.
The Group\u2019s share of the management fees to the joint ventures is \u00a34.9 million (2024: \u00a34.6 million), which results in management fees
from joint ventures of \u00a317.3 million being shown in the Operating segment result in note 2.2a (2024: \u00a317.3 million).
3.4 Investments in subsidiaries (Company)
Accounting policies
In the financial statements of the Company, investments in subsidiaries are held at fair value. Changes in fair value are recognised
in profit or loss and presented in retained earnings in equity.
Carrying value of investment in subsidiaries
The movements in the Company\u2019s interest in unlisted subsidiaries and joint ventures during the year are as follows:
| | Investment in | |
| 2025 | | |
| | subsidiaries | |
| | | 2024 |
| | | \u00a3m |
| \u00a3m | | |
| At 1 January | 2,651.3 | | |
| | | 2,450.8 |
| Additions | 70.0 | | |
| | | - |
| Revaluation | (334.0) | | |
| | | 200.5 |
| At 31 December | 2,387.3 | | |
| | | 2,651.3 |
In the year, Unite Group plc subscribed to \u00a370 million of new share capital from its immediate subsidiary undertaking Unite
Integrated Solutions plc. The carrying value of investment in subsidiaries has been calculated using the net assets of the underlying
subsidiaries adjusted for the fair value of fixed rate loans and excluding the carrying amount of intangible assets. This includes
investment property, investment property under development and swaps at a fair value calculated by a third-party expert. All
investment properties and investment properties under development are classified as Level 3 in the IFRS 13 fair value hierarchy. They
are discussed on page 169 and referenced as a key source of estimation uncertainty on page 153. The fixed rate loans range between
Level 1 and Level 2 in the IFRS 13 fair value hierarchy are discussed further on page 181.
Significant assumptions underlying the valuation of investment in subsidiaries are valuation of investment property and investment
property under development, together with the value of borrowings and inter-company debt. A full list of the Company\u2019s subsidiaries
and joint ventures can be found in note 8.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures_D246041132_CY": {
"value": "Accounting policies
Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. The
consolidated financial statements include joint ventures initially at cost, subsequently increased or decreased by the Group\u2019s
share of total gains and losses of joint ventures on an equity basis. Interest-free joint venture investment loans are initially
recorded at fair value \u2013 the difference between the nominal amount and fair value being treated as an investment in the joint
venture. The implied discount is amortised over the contracted life of the investment loan.
The Directors consider that the agreements integral to its joint ventures result in the Group having joint control over the key
matters required to operate the joint ventures. A significant degree of judgement is exercised in this assessment due to the
complexity of the contractual arrangements.
USAF, LSAV and NUJV are jointly-owned entities that are accounted for as joint ventures. Due to the complexity of the contractual
arrangements and Unite Group\u2019s role as manager of the joint venture vehicles, the assessment of joint control involves
judgements around a number of significant factors. These factors include how Unite Group as fund manager has the ability to direct
relevant activities such as acquisitions, disposals, capital expenditure for refurbishments and funding whether through debt or
equity.
This assessment for USAF is complex because of the number of unit holders and how their rights are represented through an
Advisory Committee. For some of the activities it is not clear who has definitive control of the activities: in some scenarios the
Group can control, in others the Advisory Committee. However, for the activities which are considered to have the greatest impact
on the returns of USAF, acquisitions and equity financing, it has been determined that the Group and the Advisory Committee
have joint control in directing these activities and that on balance, it is appropriate to account for USAF as a joint venture. The
assessment for LSAV is more straightforward because the Group and GIC each own 50% of the joint venture and there is therefore
much clearer evidence that control over the key activities is shared by the two parties.
The ownership of the Newcastle University Joint Venture is split: 51% The Group and 49% Newcastle University. Whilst the day-to-
day operations are managed by the Group, Newcastle University and the Group provide equal input into setting the business plan
and as such control is deemed to be shared by the two parties.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForSubsidiariesExplanatory_D271613696_CY": {
"value": "Accounting policies
In the financial statements of the Company, investments in subsidiaries are held at fair value. Changes in fair value are recognised
in profit or loss and presented in retained earnings in equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_D22706626_CY": {
"value": "Carrying value of investment in subsidiaries
The movements in the Company\u2019s interest in unlisted subsidiaries and joint ventures during the year are as follows:
| | Investment in | |
| 2025 | | |
| | subsidiaries | |
| | | 2024 |
| | | \u00a3m |
| \u00a3m | | |
| At 1 January | 2,651.3 | | |
| | | 2,450.8 |
| Additions | 70.0 | | |
| | | - |
| Revaluation | (334.0) | | |
| | | 200.5 |
| At 31 December | 2,387.3 | | |
| | | 2,651.3 |
In the year, Unite Group plc subscribed to \u00a370 million of new share capital from its immediate subsidiary undertaking Unite
Integrated Solutions plc. The carrying value of investment in subsidiaries has been calculated using the net assets of the underlying
subsidiaries adjusted for the fair value of fixed rate loans and excluding the carrying amount of intangible assets. This includes
investment property, investment property under development and swaps at a fair value calculated by a third-party expert. All
investment properties and investment properties under development are classified as Level 3 in the IFRS 13 fair value hierarchy. They
are discussed on page 169 and referenced as a key source of estimation uncertainty on page 153. The fixed rate loans range between
Level 1 and Level 2 in the IFRS 13 fair value hierarchy are discussed further on page 181.
Significant assumptions underlying the valuation of investment in subsidiaries are valuation of investment property and investment
property under development, together with the value of borrowings and inter-company debt. A full list of the Company\u2019s subsidiaries
and joint ventures can be found in note 8.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_D1507313258_CY": {
"value": "Accounting policies
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, less any attributable transaction costs,
and subsequently at amortised cost. Total financial assets at amortised costs is \u00a311.2 million (2024: \u00a337.5 million). Total financial
liabilities at amortised costs is \u00a31,308.8 million (2024: \u00a31,347.5 million).
With the exception of investments in subsidiaries and derivative financial instruments, no other financial assets or liabilities have
been classified as fair value through profit and loss.
The accounting policies applicable to specific financial assets and liabilities, and financing costs, are set out in the relevant notes.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on trade receivables.
The Accounting Policy is set out in full in note 5.2.
Derivative financial instruments
The Group enters into derivative financial instruments to manage its exposure to interest rate risk. Further details of derivative
financial instruments, including the relevant accounting policies, are disclosed in notes 4.2 and 4.5.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_D1163487064_CY": {
"value": "Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, less any attributable transaction costs,
and subsequently at amortised cost. Total financial assets at amortised costs is \u00a311.2 million (2024: \u00a337.5 million). Total financial
liabilities at amortised costs is \u00a31,308.8 million (2024: \u00a31,347.5 million).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory_D346566327_CY": {
"value": "Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value, less any attributable transaction costs,
and subsequently at amortised cost. Total financial assets at amortised costs is \u00a311.2 million (2024: \u00a337.5 million). Total financial
liabilities at amortised costs is \u00a31,308.8 million (2024: \u00a31,347.5 million).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory_D1431854078_CY": {
"value": "Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on trade receivables.
The Accounting Policy is set out in full in note 5.2.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory_D317668069_CY": {
"value": "Derivative financial instruments
The Group enters into derivative financial instruments to manage its exposure to interest rate risk. Further details of derivative
financial instruments, including the relevant accounting policies, are disclosed in notes 4.2 and 4.5.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBorrowingsExplanatory_D1879531161_CY": {
"value": "4.1 Borrowings
The table below analyses the Group\u2019s borrowings which comprise bank and other loans by when they fall due for payment:
| Group \u2013 Carrying Value | | Company \u2013 Carrying Value | |
| 2025 | | | |
| | 2024 | 2025 | 2024 |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Current | | | | |
| In one year or less, or on demand | - | | | |
| | - | | |
| | | - | |
| | | | - |
| Non-Current | | | | |
| In more than one year but not more than two years | - | | | |
| | 147.6 | | |
| | | - | |
| | | | 147.6 |
| In more than two years but not more than five years | 704.1 | | | |
| | 572.3 | | |
| | | 704.1 | |
| | | | 572.3 |
| In more than five years | 544.1 | | | |
| | 543.8 | | |
| | | 544.1 | |
| | | | 543.8 |
| 1,248.2 | | | |
| | 1,263.7 | | |
| | | 1,248.2 | |
| | | | 1,263.7 |
| Unamortised fair value of debt recognised on acquisition | 8.0 | | | |
| | 10.1 | | |
| | | - | |
| | | | - |
| Total borrowings | 1,256.2 | | | |
| | 1,273.8 | | |
| | | 1,248.2 | |
| | | | 1,263.7 |
In December 2025, the Group refinanced its \u00a3750 million RCF with five existing relationship banks into a new three-year facility,
extendable by up to two further years.
In addition to the borrowings currently drawn as shown above, the Group has available undrawn facilities of \u00a3615 million
(2024: \u00a3750.0 million). A further overdraft facility of \u00a310 million (2024: \u00a310.0 million) is also available.
The carrying value and fair value of the Group\u2019s and Company\u2019s borrowings is analysed below:
| 2025 | | | |
| | | 2024 | |
| Carring | | | |
| value | | | |
| | Fair | | |
| | value | | |
| | | Carrying | |
| | | value | |
| | | | Fair |
| | | | value |
| Group | \u00a3m | \u00a3m | | |
| | | \u00a3m | \u00a3m |
| Level 1 IFRS fair value hierarchy | 975.0 | 969.5 | | |
| | | 975.0 | 956.6 |
| Other loans and unamortised arrangement fees | 273.2 | 269.9 | | |
| | | 288.7 | 275.4 |
| Total borrowings | 1,248.2 | 1,239.4 | | |
| | | 1,263.7 | 1,232.0 |
| 2025 | | 2024 | |
| Carring | | | |
| value | | | |
| | Fair | | |
| | value | | |
| | | Carrying | |
| | | value | |
| | | | Fair |
| | | | value |
| Company | \u00a3m | \u00a3m | | |
| | | \u00a3m | \u00a3m |
| Level 1 IFRS fair value hierarchy | 975.0 | 969.5 | | |
| | | 975.0 | 956.6 |
| Other loans and unamortised arrangement fees | 273.2 | 269.9 | | |
| | | 288.7 | 275.4 |
| Total borrowings | 1,248.2 | 1,239.4 | | |
| | | 1,263.7 | 1,232.0 |
The fair value of loans classified as Level 1 in the IFRS fair value hierarchy is determined using quoted prices in active markets for
identical liabilities.
The following table shows the changes in liabilities arising from financing activities:
| 2025 | | | | | | |
| Group | At 1 January | | | | | |
| | Financing | | | | |
| | cash flows | | | | |
| | | Interest | | | |
| | | expense | | | |
| | | | Fair value | | |
| | | | adjustments | | |
| | | | | Other | |
| | | | | changes | |
| | | | | | At 31 |
| | | | | | December |
| Borrowings | 1,273.8 | (15.0) | - | (1.1) | (1.5) | 1,256.2 |
| Lease liabilities | 72.8 | (12.9) | 7.6 | - | 6.8 | 74.3 |
| Interest rate swaps | (53.4) | (13.0) | - | 22.5 | (0.1) | (44.0) |
| Total liabilities from financing activities | 1,293.2 | (40.9) | 7.6 | 21.4 | 5.2 | 1,286.5 |
| Company | | | | | | |
| Borrowings | 1,263.7 | (15.0) | - | 0.2 | (0.7) | 1,248.2 |
| Interest rate swaps | (53.4) | (13.0) | - | 22.5 | (0.1) | (44.0) |
| Total liabilities from financing activities | 1,210.3 | (28.0) | - | 22.7 | (0.8) | 1,204.2 |
| 2024 | | | | | | |
| Group | At 1 January | | | | | |
| | Financing | | | | |
| | cash flows | | | | |
| | | Interest | | | |
| | | expense | | | |
| | | | Fair value | | |
| | | | adjustments | | |
| | | | | Other | |
| | | | | changes | |
| | | | | | At 31 |
| | | | | | December |
| Borrowings | 1,081.6 | 193.2 | - | (4.1) | 3.1 | 1,273.8 |
| Lease liabilities | 83.8 | (19.8) | 8.8 | - | - | 72.8 |
| Interest rate swaps | (56.0) | - | - | 0.4 | 2.2 | (53.4) |
| Total liabilities from financing activities | 1,109.4 | 173.4 | 8.8 | (3.7) | 5.3 | 1,293.2 |
| Company | | | | | | |
| Borrowings | 468.6 | 800.0 | - | 0.2 | (5.1) | 1,263.7 |
| Interest rate swaps | (56.0) | - | - | 0.4 | 2.2 | (53.4) |
| Total liabilities from financing activities | 412.5 | 800.0 | - | 0.6 | (2.9) | 1,210.3 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_D683963241_CY": {
"value": "Accounting policies
Interest bearing borrowings are recognised initially at fair value, less attributable transaction costs. Subsequent to initial
recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption
value being recognised in the income statement over the period of the borrowings on an effective interest basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_utg_DisclosureOfInterestRateSwapsExplanatory_D842375513_CY": {
"value": "4.2 Interest rate swaps
The Group uses interest rate swaps to manage the Group\u2019s exposure to interest rate fluctuations. In accordance with the Group\u2019s
Treasury Policy, the Group does not hold or issue interest rate swaps for trading purposes. The derivatives of the Company are the
same as those of the Group, and the hedge accounting disclosures in note 4.5a are also relevant for the Company.
The following table shows the fair value of interest rate swaps which at 31 December 2025 are not designated in accounting
hedge relationships:
| 2025 | |
| | 2024 |
| | \u00a3m |
| \u00a3m | |
| Current | 17.1 | |
| | 7.4 |
| Non-current | 26.9 | |
| | 46.0 |
| Fair value of interest rate swaps | 44.0 | |
| | 53.4 |
The fair value of interest rate swaps has been calculated by a third-party, discounting estimated future cash flows on the basis of market
expectations of future interest rates, representing Level 2 in the IFRS 13 fair value hierarchy.
",
"dimensions": {
"concept": "utg:DisclosureOfInterestRateSwapsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_utg_DescriptionOfAccountingPolicyForInterestRateSwapsExplanatory_D2125909728_CY": {
"value": "Accounting policies
Interest rate swaps are recognised initially and subsequently at fair value, with mark to market movements recognised in the
income statement unless cash flow hedge accounting is applied.
The Group designates certain interest rate derivatives as hedging instruments. The interest rate swap is designated as the hedging
instrument in a hedge of the variability in cash flows attributable to the interest risk of borrowings. At inception, the Group
documents the relationship between the hedging instrument and the hedged item, along with the risk management objectives
and its strategy for undertaking various hedge transactions.
Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is
effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the
hedging relationships meet all of the following hedge effectiveness requirements:
\u2022 There is an economic relationship between the hedged item and the hedging instrument
\u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group
actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
The effective portion of changes in fair value of the interest rate swap is recognised in Other Comprehensive Income and
presented under the heading of Hedging reserve in equity, limited to the cumulative change in fair value of the hedged item from
inception of the hedge. Any ineffective portion of changes in the fair value of the interest rate swap is recognised immediately
in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to
profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. If the
Group expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is
immediately reclassified to profit or loss.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying
criteria. This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation
is accounted for prospectively. Any gain or loss recognised in Other Comprehensive Income and accumulated in the hedging
reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast
transaction is no longer expected to occur, the gain or loss accumulated in the hedging reserve is reclassified immediately to
profit or loss.
The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to terminate the swap at the
balance sheet date, taking into account current interest rates and the current creditworthiness of the swap counterparties.
",
"dimensions": {
"concept": "utg:DescriptionOfAccountingPolicyForInterestRateSwapsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory_D1893574672_CY": {
"value": "4.3 Net financing costs/(gains)
| 2025 | |
| | 2024 |
| Recognised in the income statement | \u00a3m | |
| | \u00a3m |
| Interest income | (6.1) | |
| | (16.7) |
| Finance income | (6.1) | |
| | (16.7) |
| Gross interest expense on loans | 42 .1 | |
| | 39.0 |
| Amortisation of fair value of debt recognised on acquisition | (2.3) | |
| | (4.1) |
| Interest capitalised | (26.8) | |
| | (15.5) |
| Loan interest and similar charges | 13.0 | |
| | 19.4 |
| Interest on lease liabilities | 7.6 | |
| | 8.8 |
| Mark to market changes in interest rate swaps | 22.5 | |
| | 0.4 |
| Swap cancellation and loan break costs | 0.0 | |
| | 3.1 |
| Finance costs | 43.1 | |
| | 31.7 |
| Net financing costs | 37.0 | |
| | 15.0 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory_D218477003_CY": {
"value": "Accounting policies
Net financing costs comprise interest payable on borrowings and interest on lease liabilities, less interest receivable on funds
invested (both calculated using the effective interest rate method) and gains and losses on hedging instruments that are
recognised in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_utg_DisclosureOfGearingExplanatory_D2130625064_CY": {
"value": "4.4 Gearing
LTV is a key indicator that the Group uses to manage its indebtedness. The Group also monitors gearing, which is calculated using
EPRA net tangible assets (NTA) and adjusted net debt. Adjusted net debt excludes IFRS 16 lease liabilities, the unamortised fair value
of debt recognised on acquisition and mark to market of interest rate swaps as shown below.
The Group\u2019s gearing ratios are calculated as follows:
| | 2025 | |
| | | 2024 |
| Note | \u00a3m | |
| | | \u00a3m |
| Cash and cash equivalents | 5.1 | 35.8 | |
| | | 274.3 |
| Current borrowings | 4.1 | - | |
| | | - |
| Non-current borrowings | 4.1 | (1,256.2) | |
| | | (1,273.8) |
| Lease liabilities | 4.6a | (74.3) | |
| | | (72.8) |
| Interest rate swaps | 4.2 | 44.0 | |
| | | 53.4 |
| Net debt per balance sheet | | (1,250.7) | |
| | | (1,018.9) |
| Lease liabilities (add back) | 4.6a | 74.3 | |
| | | 72.8 |
| Unamortised fair value of debt recognised on acquisition | 2.3c | 7.9 | |
| | | 11.1 |
| Adjusted net debt | | (1,168.5) | |
| | | (935.0) |
| Reported net asset value | 4, | 733.8 | |
| | | 4,811.5 |
| EPRA NTA | 2.3c | 4,684.9 | |
| | | 4,758.4 |
| Gearing | | | |
| Gearing (Basic: net debt / reported net asset value) | | 26% | |
| | | 21% |
| Adjusted gearing (adjusted net debt / EPRA NTA) | | 25% | |
| | | 20% |
| Loan to value | 2.3a | 27% | |
| | | 24% |
",
"dimensions": {
"concept": "utg:DisclosureOfGearingExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_D245419785_CY": {
"value": "4.5 Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks: market risks (primarily interest rate risk), credit risk and liquidity risk.
The Group\u2019s Treasury Policy focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on
the Group\u2019s financial performance. Details on credit risk can be found in note 5.3.
4.5a) Interest rate risk
The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. The
risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of
interest rate swap contracts. Hedging activities are evaluated regularly to align with defined risk appetite, ensuring the most cost-
effective hedging strategies are applied.
The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management
section of this note.
The Group holds its debt finance under both floating and fixed rate arrangements. The floating debt is hedged through the use of
interest rate swap agreements. The Group\u2019s guideline has been to hedge 75%\u201395% of the Group\u2019s interest rate exposure for terms of
approximately two to ten years.
At 31 December 2025, 91% (2024: 89%) of the Group\u2019s borrowing was held at fixed rates. Excluding the \u00a3450 million (2024: \u00a3450
million) of swaps, the fixed investment borrowing is at an average rate of 4.4% (2024: 3.9%) following the new bond issuance in June
2025 for an average period of 4.3 years (2024: 5.8 years), including all debt with current swaps the average rate is 3.9% (2024: 3.3%).
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts
calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates
upon the issuance of forecast fixed rate debt held and the cash flow exposures on the issued variable rate debt held. The fair value
of interest rate swaps at the reporting date is determined by discounting the future cash flows using the curves at the reporting date
and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year.
As the critical terms of the hedge contracts and their corresponding hedged items are the same, the Group performs a qualitative
assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding
hedged items will systematically change in opposite direction in response to movements in the underlying interest rates. The main
source of hedge ineffectiveness in these hedge relationships has historically been the effect of the counterparty and the Group\u2019s
own credit risk on the fair value of the hedge contracts, which is not reflected in the fair value of the hedged item attributable to
the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. However, changes in
anticipated draw down of debt in 2022 as a result of planned property disposals have meant that the hedged items were no longer
expected to occur. As a result, the hedge relationships were discontinued from 1 July 2021, and the interest rate swaps are no longer
designated as \u2018effective\u2019.
The fair value of these instruments is assets of \u00a344.0 million (2024: \u00a353.4 million) with \u00a317.1 million maturing in 12 months (2024:
\u00a37.4 million).
The interest rate swaps settle on a monthly basis. The floating rate on the interest rate swaps is one-month SONIA (2024: one-month
SONIA). The Group will settle the difference between the fixed and floating interest rate on a net basis.
At the end of the current year and the previous year, the Group had no cash flow hedges in hedge relationships.
The sensitivity analyses below have been determined based on the exposure to interest rates for both derivative and non-
derivative instruments as at 31 December 2025. For floating rate liabilities, the analysis is prepared assuming the amount of liability
outstanding at the reporting date was outstanding for the whole year. A 1% increase or decrease is used when reporting interest
rate risk internally to key management personnel and represents management\u2019s assessment of the reasonably possible change in
interest rates.
As the notional value of the interest rate swap contracts is greater than the amount of borrowing at variable rate, the Group
is exposed to fluctuations in interest rates. If interest rates had been 1% higher and all other variables were held constant the
Group\u2019s profit for the year ended 31 December 2025 would increase by \u00a33.1 million (2024: \u00a33.7 million). There would be with no
impact directly recognised in the Statement of Changes in Equity. The Group\u2019s sensitivity to interest rates has remained reasonably
consistent year-on-year.
4.5b) Credit risk on financial instruments
In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties and obtaining
suffcient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group only transacts
with entities that are rated the equivalent of investment grade, and investments in these instruments, where the counterparties
have a minimum A- credit rating, are considered to have low credit risk for the purpose of impairment assessment. The credit rating
information is supplied by independent rating agencies where available and, if not available, the Group uses other publicly available
financial information including CDS prices and its own trading records to rate its major customers. The Group\u2019s exposure and the
credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst
approved counterparties in line with Board Policy.
Before accepting any new customer, the finance team uses external credit ratings to assess the potential customer\u2019s credit quality
and defines credit limits by customer. Monitoring procedures are also in place to ensure that follow-up action is taken when ratings
deteriorate. The Group does not hold any credit enhancements to cover its credit risks associated with its financial assets.
The Group considers the following as constituting an event of default for internal credit risk management purposes as historical
experience indicates that financial assets that meet either of the following criteria are generally not recoverable:
\u2022 When there is a breach of financial covenants by the debtor
\u2022 Information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors,
including the Group, in full (without taking into account collateral held by the Group).
Details of the credit quality of the Group\u2019s financial assets as well as the Group\u2019s maximum exposure to credit risk by credit risk rating
grades are set out in note 5.3a.
4.5c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity
risk management framework for the management of the Group\u2019s short-, medium- and long-term funding and liquidity management
requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Details
of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk are set out below.
For development activities, the Group has a policy of raising substantially the full amount of capital required for each development
before commencing construction. The funding requirements of developments are therefore secured at the outset of works.
The Group has the following financial instruments which impact the liquidity risk of the Group either now or in the future:
\u2022 Financial assets including interest rate swaps, trade receivables, amounts due from joint ventures, other receivables and cash
\u2022 Financial liabilities including borrowings, lease liabilities, interest rates swaps, trade payables, retentions on construction contracts
for properties, other payables and accrued expenses.
The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed
repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Group can be required to pay.
2025
| Weighted avg | | | | | | | |
| effective interest | | | | | | | |
| rate | | | | | | | |
| | <1 | | | | | | |
| | month | | | | | | |
| | | 1\u20133 | | | | | |
| | | months | | | | | |
| | | | 3 months | | | | |
| | | | \u2013 1 year | 1\u20135 years | 5+ years | Total | |
| | | | | | | | Carrying |
| | | | | | | | amount |
| % | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Variable interest rate instruments | 4.9% | - | - | - | 135.0 | - | 135.0 | 135.0 |
| Fixed interest rate instruments | 4.4% | 1.9 | 3.9 | 44.0 | 458.5 | 783.4 | 1,291.7 | 1,121. 2 |
| Lease liabilities | 4.2% | 1.0 | 2.9 | 7.9 | 48.5 | 48.8 | 109.1 | 74.3 |
| Trade and other payables | n/a | - | 230.2 | - | - | - | 230.2 | 230.2 |
| Total | | | | | | | | |
| | 2.9 | 237.0 | 51.9 | 642.0 | 832.2 | 1,766.0 | 1,560.7 |
2024
| Weighted | | | | | | | |
| average effective | | | | | | | |
| interest rate | | | | | | | |
| | Less | | | | | | |
| | than 1 | | | | | | |
| | month | | | | | | |
| | | 1\u20133 | | | | | |
| | | months | | | | | |
| | | | 3 months | | | | |
| | | | \u2013 1 year | 1\u20135 years | 5+ years | Total | |
| | | | | | | | Carrying |
| | | | | | | | amount |
| % | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Variable interest rate instruments | 6.2% | 0.8 | 1.5 | 6.9 | 170.8 | - | 180.0 | 149.4 |
| Fixed interest rate instruments | 4.4% | 1.9 | 3.9 | 44.0 | 458.5 | 783.4 | 1,291.7 | 1,124.4 |
| Lease liabilities | 4.2% | 1.0 | 2.9 | 7.9 | 48.5 | 48.8 | 109.1 | 72.8 |
| Trade and other payables | n/a | - | 177.0 | - | - | - | 177.0 | 177.0 |
| Total | | 3.7 | 185.3 | 58.8 | 677.8 | 832.2 | 1,757.8 | 1,523.6 |
The Company has \u00a3135 million (2024: \u00a3180.0 million) of variable rate borrowings with a weighted average rate of 4.9% and \u00a31,291.7
million of fixed rate borrowings with a weighted average rate of 4.4% (2024: 4.4%). The maturity of the Company\u2019s borrowings is
disclosed in note 4.1.
The Group has access to financing facilities as described below, of which \u00a3625 million were unused at the reporting date (2024:
\u00a3610.0 million). The Group expects to meet its other obligations from operating cash flows.
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Unsecured bank overdraft facility, reviewed annually and payable at call: | | |
| Amount used | - | |
| | - |
| Amount unused | 10.0 | |
| | 10.0 |
| Unsecured committed bank loan facilities which may be extended by mutual agreement: | | |
| Amount used | 135.0 | |
| | 150.0 |
| Amount unused | 615.0 | |
| | 750.0 |
| 750.0 | |
| | 900.0 |
4.5d) Covenant compliance
The Group monitors its covenant position and the forecast headroom available on a monthly basis. At 31 December 2025, the Group
was in full compliance with all of its borrowing covenants.
The Group\u2019s unsecured borrowings carry several covenants. The covenant regime is IFRS-based and gives the Group substantial
operational flexibility, allowing property acquisitions, disposals and developments to occur with relative freedom.
| 2025 | | 2024 | |
| Covenant | Actual | Covenant | Actual |
| LTV | < 60% | 26% | | |
| | | - | - |
| Gearing | <1.50 | 0.26 | | |
| | | <1.5 | 0 0.21 |
| Unencumbered assets ratio | >1.70 | 3.84 | | |
| | | >1.70 | 4.48 |
| Secured gearing | <0.25 | - | | |
| | | <0.25 | - |
| Development assets ratio | <30% | 7% | | |
| | | <30% | 8% |
| Joint venture ratio | <55% | 22% | | |
| | | <55% | 22% |
| Interest cover | >2.00 | 32.80 | | |
| | | >2.00 | 81.56 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfMarketRiskExplanatory_D1055323150_CY": {
"value": "4.5a) Interest rate risk
The Group is exposed to interest rate risk because entities in the Group borrow funds at both fixed and floating interest rates. The
risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of
interest rate swap contracts. Hedging activities are evaluated regularly to align with defined risk appetite, ensuring the most cost-
effective hedging strategies are applied.
The Group\u2019s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management
section of this note.
The Group holds its debt finance under both floating and fixed rate arrangements. The floating debt is hedged through the use of
interest rate swap agreements. The Group\u2019s guideline has been to hedge 75%\u201395% of the Group\u2019s interest rate exposure for terms of
approximately two to ten years.
At 31 December 2025, 91% (2024: 89%) of the Group\u2019s borrowing was held at fixed rates. Excluding the \u00a3450 million (2024: \u00a3450
million) of swaps, the fixed investment borrowing is at an average rate of 4.4% (2024: 3.9%) following the new bond issuance in June
2025 for an average period of 4.3 years (2024: 5.8 years), including all debt with current swaps the average rate is 3.9% (2024: 3.3%).
Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts
calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates
upon the issuance of forecast fixed rate debt held and the cash flow exposures on the issued variable rate debt held. The fair value
of interest rate swaps at the reporting date is determined by discounting the future cash flows using the curves at the reporting date
and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year.
As the critical terms of the hedge contracts and their corresponding hedged items are the same, the Group performs a qualitative
assessment of effectiveness and it is expected that the value of the interest rate swap contracts and the value of the corresponding
hedged items will systematically change in opposite direction in response to movements in the underlying interest rates. The main
source of hedge ineffectiveness in these hedge relationships has historically been the effect of the counterparty and the Group\u2019s
own credit risk on the fair value of the hedge contracts, which is not reflected in the fair value of the hedged item attributable to
the change in interest rates. No other sources of ineffectiveness emerged from these hedging relationships. However, changes in
anticipated draw down of debt in 2022 as a result of planned property disposals have meant that the hedged items were no longer
expected to occur. As a result, the hedge relationships were discontinued from 1 July 2021, and the interest rate swaps are no longer
designated as \u2018effective\u2019.
The fair value of these instruments is assets of \u00a344.0 million (2024: \u00a353.4 million) with \u00a317.1 million maturing in 12 months (2024:
\u00a37.4 million).
The interest rate swaps settle on a monthly basis. The floating rate on the interest rate swaps is one-month SONIA (2024: one-month
SONIA). The Group will settle the difference between the fixed and floating interest rate on a net basis.
At the end of the current year and the previous year, the Group had no cash flow hedges in hedge relationships.
The sensitivity analyses below have been determined based on the exposure to interest rates for both derivative and non-
derivative instruments as at 31 December 2025. For floating rate liabilities, the analysis is prepared assuming the amount of liability
outstanding at the reporting date was outstanding for the whole year. A 1% increase or decrease is used when reporting interest
rate risk internally to key management personnel and represents management\u2019s assessment of the reasonably possible change in
interest rates.
As the notional value of the interest rate swap contracts is greater than the amount of borrowing at variable rate, the Group
is exposed to fluctuations in interest rates. If interest rates had been 1% higher and all other variables were held constant the
Group\u2019s profit for the year ended 31 December 2025 would increase by \u00a33.1 million (2024: \u00a33.7 million). There would be with no
impact directly recognised in the Statement of Changes in Equity. The Group\u2019s sensitivity to interest rates has remained reasonably
consistent year-on-year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCreditRiskExplanatory_D1392967939_CY": {
"value": "4.5b) Credit risk on financial instruments
In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties and obtaining
suffcient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group only transacts
with entities that are rated the equivalent of investment grade, and investments in these instruments, where the counterparties
have a minimum A- credit rating, are considered to have low credit risk for the purpose of impairment assessment. The credit rating
information is supplied by independent rating agencies where available and, if not available, the Group uses other publicly available
financial information including CDS prices and its own trading records to rate its major customers. The Group\u2019s exposure and the
credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst
approved counterparties in line with Board Policy.
Before accepting any new customer, the finance team uses external credit ratings to assess the potential customer\u2019s credit quality
and defines credit limits by customer. Monitoring procedures are also in place to ensure that follow-up action is taken when ratings
deteriorate. The Group does not hold any credit enhancements to cover its credit risks associated with its financial assets.
The Group considers the following as constituting an event of default for internal credit risk management purposes as historical
experience indicates that financial assets that meet either of the following criteria are generally not recoverable:
\u2022 When there is a breach of financial covenants by the debtor
\u2022 Information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors,
including the Group, in full (without taking into account collateral held by the Group).
Details of the credit quality of the Group\u2019s financial assets as well as the Group\u2019s maximum exposure to credit risk by credit risk rating
grades are set out in note 5.3a.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_D2140442788_CY": {
"value": "4.5c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity
risk management framework for the management of the Group\u2019s short-, medium- and long-term funding and liquidity management
requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Details
of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk are set out below.
For development activities, the Group has a policy of raising substantially the full amount of capital required for each development
before commencing construction. The funding requirements of developments are therefore secured at the outset of works.
The Group has the following financial instruments which impact the liquidity risk of the Group either now or in the future:
\u2022 Financial assets including interest rate swaps, trade receivables, amounts due from joint ventures, other receivables and cash
\u2022 Financial liabilities including borrowings, lease liabilities, interest rates swaps, trade payables, retentions on construction contracts
for properties, other payables and accrued expenses.
The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed
repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Group can be required to pay.
2025
| Weighted avg | | | | | | | |
| effective interest | | | | | | | |
| rate | | | | | | | |
| | <1 | | | | | | |
| | month | | | | | | |
| | | 1\u20133 | | | | | |
| | | months | | | | | |
| | | | 3 months | | | | |
| | | | \u2013 1 year | 1\u20135 years | 5+ years | Total | |
| | | | | | | | Carrying |
| | | | | | | | amount |
| % | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Variable interest rate instruments | 4.9% | - | - | - | 135.0 | - | 135.0 | 135.0 |
| Fixed interest rate instruments | 4.4% | 1.9 | 3.9 | 44.0 | 458.5 | 783.4 | 1,291.7 | 1,121. 2 |
| Lease liabilities | 4.2% | 1.0 | 2.9 | 7.9 | 48.5 | 48.8 | 109.1 | 74.3 |
| Trade and other payables | n/a | - | 230.2 | - | - | - | 230.2 | 230.2 |
| Total | | | | | | | | |
| | 2.9 | 237.0 | 51.9 | 642.0 | 832.2 | 1,766.0 | 1,560.7 |
2024
| Weighted | | | | | | | |
| average effective | | | | | | | |
| interest rate | | | | | | | |
| | Less | | | | | | |
| | than 1 | | | | | | |
| | month | | | | | | |
| | | 1\u20133 | | | | | |
| | | months | | | | | |
| | | | 3 months | | | | |
| | | | \u2013 1 year | 1\u20135 years | 5+ years | Total | |
| | | | | | | | Carrying |
| | | | | | | | amount |
| % | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Variable interest rate instruments | 6.2% | 0.8 | 1.5 | 6.9 | 170.8 | - | 180.0 | 149.4 |
| Fixed interest rate instruments | 4.4% | 1.9 | 3.9 | 44.0 | 458.5 | 783.4 | 1,291.7 | 1,124.4 |
| Lease liabilities | 4.2% | 1.0 | 2.9 | 7.9 | 48.5 | 48.8 | 109.1 | 72.8 |
| Trade and other payables | n/a | - | 177.0 | - | - | - | 177.0 | 177.0 |
| Total | | 3.7 | 185.3 | 58.8 | 677.8 | 832.2 | 1,757.8 | 1,523.6 |
The Company has \u00a3135 million (2024: \u00a3180.0 million) of variable rate borrowings with a weighted average rate of 4.9% and \u00a31,291.7
million of fixed rate borrowings with a weighted average rate of 4.4% (2024: 4.4%). The maturity of the Company\u2019s borrowings is
disclosed in note 4.1.
The Group has access to financing facilities as described below, of which \u00a3625 million were unused at the reporting date (2024:
\u00a3610.0 million). The Group expects to meet its other obligations from operating cash flows.
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Unsecured bank overdraft facility, reviewed annually and payable at call: | | |
| Amount used | - | |
| | - |
| Amount unused | 10.0 | |
| | 10.0 |
| Unsecured committed bank loan facilities which may be extended by mutual agreement: | | |
| Amount used | 135.0 | |
| | 150.0 |
| Amount unused | 615.0 | |
| | 750.0 |
| 750.0 | |
| | 900.0 |
4.5d) Covenant compliance
The Group monitors its covenant position and the forecast headroom available on a monthly basis. At 31 December 2025, the Group
was in full compliance with all of its borrowing covenants.
The Group\u2019s unsecured borrowings carry several covenants. The covenant regime is IFRS-based and gives the Group substantial
operational flexibility, allowing property acquisitions, disposals and developments to occur with relative freedom.
| 2025 | | 2024 | |
| Covenant | Actual | Covenant | Actual |
| LTV | < 60% | 26% | | |
| | | - | - |
| Gearing | <1.50 | 0.26 | | |
| | | <1.5 | 0 0.21 |
| Unencumbered assets ratio | >1.70 | 3.84 | | |
| | | >1.70 | 4.48 |
| Secured gearing | <0.25 | - | | |
| | | <0.25 | - |
| Development assets ratio | <30% | 7% | | |
| | | <30% | 8% |
| Joint venture ratio | <55% | 22% | | |
| | | <55% | 22% |
| Interest cover | >2.00 | 32.80 | | |
| | | >2.00 | 81.56 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfLeasesExplanatory_D1823266799_CY": {
"value": "4.6 Leases
4.6a) Lease liabilities
| Undiscounted cash flows | | Carrying value | |
| 2025 | 2024 | | |
| | | 2025 | 2024 |
| Lease Liabilities | \u00a3m | \u00a3m | | |
| | | \u00a3m | \u00a3m |
| Analysed as: | | | | |
| Non-current | | | | |
| 93.6 | | | |
| | 97.3 | | |
| | | 68.5 | |
| | | | 66.8 |
| Current | | | | |
| 11.6 | | | |
| | 11.8 | | |
| | | 5.8 | |
| | | | 6.0 |
| Total lease liability | | | | |
| 105.2 | | | |
| | 109.1 | | |
| | | 74.3 | |
| | | | 72.8 |
| Lease liability maturity analysis | | | | |
| Year 1 | | | | |
| 11.5 | | | |
| | 11.8 | | |
| | | 5.7 | |
| | | | 6.0 |
| Year 2 | | | | |
| 12.4 | | | |
| | 12.2 | | |
| | | 6.9 | |
| | | | 6.6 |
| Year 3 | | | | |
| 13.3 | | | |
| | 12.0 | | |
| | | 8.5 | |
| | | | 6.9 |
| Year 4 | | | | |
| 13.1 | | | |
| | 12.2 | | |
| | | 9.0 | |
| | | | 7.7 |
| Year 5 | | | | |
| 13.0 | | | |
| | 12.1 | | |
| | | 9.5 | |
| | | | 8.1 |
| Onwards | | | | |
| 41.9 | | | |
| | 48.8 | | |
| | | 34.8 | |
| | | | 37.5 |
| Total | | | | |
| 105.2 | | | |
| | 109.1 | | |
| | | 74.4 | |
| | | | 72.8 |
The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group\u2019s
treasury function.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_D1534278844_CY": {
"value": "Accounting policies
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use
asset (see note 3.1a) and a corresponding lease liability with respect to all lease arrangements in which it is the lessee.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted by using the Group\u2019s incremental borrowing rate (since the rate implicit in the leases cannot be readily determined) at
the inception of each lease.
The lease liability is presented as a separate line in the consolidated balance sheet.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the
effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability whenever:
\u2022 The lease term has changed, in which case the lease liability is remeasured by discounting the revised lease payments using a
revised discount rate
\u2022 The lease payments change due to changes in an index, in which cases the lease liability is remeasured by discounting the
revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating
interest rate, in which case a revised discount rate is used)
\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability
is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised
discount rate at the effective date of the modification.
The Group did not make any such adjustments during the period presented.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIssuedCapitalExplanatory_D129928291_CY": {
"value": "4.8 Equity
The Company\u2019s issued share capital has increased during the year as follows:
| | 2025 | | | 2024 | |
| Called-up, allotted and fully paid | | | | | | |
| ordinary shares of \u00a30.25p each | No. of shares | | | | | |
| | Ordinary | | | | |
| | shares | | | | |
| | \u00a3m | | | | |
| | | Share | | | |
| | | premium | | | |
| | | \u00a3m | | | |
| | | | No. of | | |
| | | | shares | | |
| | | | | Ordinary | |
| | | | | shares | |
| | | | | \u00a3m | |
| | | | | | Share |
| | | | | | Premium |
| | | | | | \u00a3m |
| At 1 January | 488,792,074 | 122.2 | 2,876.9 | | | |
| | | | 435,854,542 | 109.4 | 2,447.6 |
| Shares issued (capital raise) | - | - | - | | | |
| | | | | 50,000,000 | 12.1 | 430.1 |
| Shares issued (scrip dividend) | 1,14 6,199 | 0.3 | (0.3) | | | |
| | | | 2,808,461 | 0.7 | (0.7) |
| Share options exercised | 105,298 | - | - | | | |
| | | | 129,071 | - | (0.1) |
| At 31 December | 490,043,571 | 122.5 | 2,876.6 | | | |
| | | | 488,792,074 | 122.2 | 2,876.9 |
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share
at meetings of the Company. All shares rank equally with regard to the Company\u2019s residual assets.
The Company\u2019s reserves are as follows:
\u2022 Called-up share capital reserves contain the nominal value of the shares issued
\u2022 Share premium reserves contain the excess consideration received above the nominal value of the shares issued
\u2022 Merger reserves contain the excess in the value of shares issued by the Company in exchange for the value of shares acquired in
respect of subsidiaries acquired (specifically on the acquisition of the Unilodge portfolio in June 2001)
\u2022 Hedging reserves contain the cumulative gains and losses on hedging instruments deemed effective
\u2022 Retained earnings contain the cumulative profits and losses of the Company net of dividends paid and other adjustments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_D1171265166_CY": {
"value": "Accounting policies
Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares, other than on a business
combination, are shown as a deduction, net of tax, in equity from the proceeds. Share issue costs incurred directly in connection
with a business combination are deducted from the proceeds of the issue.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfDividendsExplanatory_D1508493967_CY": {
"value": "4.9 Dividends
During the year, the Company paid the final 2024 dividend of \u00a3125.8 million \u2013 24.9p per share \u2013 and an interim 2025 dividend of
\u00a362.6 million \u2013 12.8p per share (2024: final 2023 dividend of \u00a364.0 million \u2013 23.6p per share \u2013 and an interim 2024 dividend of \u00a352.0
million \u2013 12.4p).
After the year-end, the Directors proposed a final dividend per share of 24.9p (2024: 24.9p), bringing the total dividend per share for
the year to 37.7p (2024: 37.4p). No provision has been made in relation to this dividend.
The Group has modelled tax adjusted property business profits for 2025 and 2026 and the PID requirement in respect of the year
ended 31 December 2025 is expected to be satisfied by the end of 2026.
The Directors recently became aware that interim dividends paid in 2023, 2024 and 2025 were made otherwise than in accordance
with the Companies Act 2006 because interim accounts had not been filed prior to payment.
A resolution has been proposed for the Annual General Meeting due to be held on 15 May 2026 to authorise the appropriation of
distributable profits to the payment of the relevant dividends and remove any right for the Company to pursue shareholders or
Directors for repayment.
The overall effect of the resolution would be to return all parties to the position they would have been in should the relevant
dividends have been made in full compliance with the Companies Act 2006.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory_D1054803592_CY": {
"value": "Accounting policies
Dividends are recognised through equity on the earlier of their approval by the Company\u2019s shareholders or their payment.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_D310887093_CY": {
"value": "Accounting policies
Cash and cash equivalents comprise cash balances and call deposits. Cash equivalents are short term, highly liquid investments
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as
a component of cash and cash equivalents for the purpose of the statement of cash flows.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_D1110365064_CY": {
"value": "5.1 Cash and cash equivalents
The Group\u2019s cash position at 31 December 2025 was \u00a335.8 million (2024: \u00a3274.3 million). Of this balance, \u00a3nil million was cash
equivalents money market deposits and \u00a335.8 million was cash.
The Group\u2019s cash balances include \u00a31.2 million (2024: \u00a31.1 million) whose use at the balance sheet date is restricted by funding
agreements to pay operating costs.
The Group generates cash from its operating activities as follows:
| Note | | 2025 | |
| | | 2024 |
| | \u00a3m | |
| | | \u00a3m |
| Profit for the year | | 97.6 | |
| | | 441.8 |
| Adjustments for: | | | |
| Depreciation and amortisation | 3.3 | 6.9 | |
| | | 5.7 |
| Write-off of inventories and other fixed assets | | 12.0 | |
| Fair value of share-based payments | 6.1 | 1.5 | |
| | | 2.4 |
| Change in value of investment property (owned and under development) | 3.1 | 72.3 | |
| | | (186.7) |
| Change in value of investment property (leased) | 3.1 | 12.9 | |
| | | 1.9 |
| Net finance costs | 4.3 | 6.9 | |
| | | 2.7 |
| Interest payment for leased assets | | 7.6 | |
| | | 8.8 |
| Swap break and debt exit costs | 3.1 | - | |
| | | 3.1 |
| Mark to market changes in interest rate swaps | | 22.5 | |
| | | 0.3 |
| Loss/(profit) on disposal of investment property | | 1.3 | |
| | | 9.8 |
| Share of joint venture profit | 3.4b | (57.7) | |
| | | (115.9) |
| Trading with joint venture adjustment | 3.4b | 4.9 | |
| | | 4.6 |
| Tax charge/(credit) | 2.5a | 0.1 | |
| | | 2.1 |
| Cash flows from operating activities before changes in working capital | | 188.8 | |
| | | 180.6 |
| Decrease/(increase) in trade and other receivables | | 6.7 | |
| | | (12.0) |
| (Increase)/decrease in inventories | | (3.8) | |
| | | (5.3) |
| Increase/(decrease) in trade and other payables | | (20.8) | |
| | | 48.2 |
| Cash flows from operating activities | | 170.9 | |
| | | 211.5 |
| Tax (paid)/received | 4.9 | (4.4) | |
| | | 4.9 |
| Net cash flows from operating activities | | 166.5 | |
| | | 216.4 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_D913092671_CY": {
"value": "5.1 Cash and cash equivalents
The Group\u2019s cash position at 31 December 2025 was \u00a335.8 million (2024: \u00a3274.3 million). Of this balance, \u00a3nil million was cash
equivalents money market deposits and \u00a335.8 million was cash.
The Group\u2019s cash balances include \u00a31.2 million (2024: \u00a31.1 million) whose use at the balance sheet date is restricted by funding
agreements to pay operating costs.
The Group generates cash from its operating activities as follows:
| Note | | 2025 | |
| | | 2024 |
| | \u00a3m | |
| | | \u00a3m |
| Profit for the year | | 97.6 | |
| | | 441.8 |
| Adjustments for: | | | |
| Depreciation and amortisation | 3.3 | 6.9 | |
| | | 5.7 |
| Write-off of inventories and other fixed assets | | 12.0 | |
| Fair value of share-based payments | 6.1 | 1.5 | |
| | | 2.4 |
| Change in value of investment property (owned and under development) | 3.1 | 72.3 | |
| | | (186.7) |
| Change in value of investment property (leased) | 3.1 | 12.9 | |
| | | 1.9 |
| Net finance costs | 4.3 | 6.9 | |
| | | 2.7 |
| Interest payment for leased assets | | 7.6 | |
| | | 8.8 |
| Swap break and debt exit costs | 3.1 | - | |
| | | 3.1 |
| Mark to market changes in interest rate swaps | | 22.5 | |
| | | 0.3 |
| Loss/(profit) on disposal of investment property | | 1.3 | |
| | | 9.8 |
| Share of joint venture profit | 3.4b | (57.7) | |
| | | (115.9) |
| Trading with joint venture adjustment | 3.4b | 4.9 | |
| | | 4.6 |
| Tax charge/(credit) | 2.5a | 0.1 | |
| | | 2.1 |
| Cash flows from operating activities before changes in working capital | | 188.8 | |
| | | 180.6 |
| Decrease/(increase) in trade and other receivables | | 6.7 | |
| | | (12.0) |
| (Increase)/decrease in inventories | | (3.8) | |
| | | (5.3) |
| Increase/(decrease) in trade and other payables | | (20.8) | |
| | | 48.2 |
| Cash flows from operating activities | | 170.9 | |
| | | 211.5 |
| Tax (paid)/received | 4.9 | (4.4) | |
| | | 4.9 |
| Net cash flows from operating activities | | 166.5 | |
| | | 216.4 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_D453298443_CY": {
"value": "5.2 Trade and other receivables
Trade and other receivables can be analysed as follows:
| | Group | | Company | |
| | 2025 | 2024 | 2025 | 2024 |
| Note | \u00a3m | \u00a3m | \u00a3m | |
| | | | | \u00a3m |
| Trade receivables | | 11.2 | 37.5 | - | |
| | | | | - |
| Amounts owed by joint ventures | | 30.7 | 56.7 | - | |
| | | | | - |
| Prepayments and accrued income | | 21.5 | 16.2 | - | |
| | | | | - |
| Other receivables | | 74.6 | 34.2 | - | |
| | | | | - |
| Trade and other receivables | | 138.0 | 144.6 | - | |
| | | | | - |
| Loans to Group undertakings (non-current) | 5.6 | - | - | 3,760.5 | |
| | | | | 3,416.1 |
| Trade and other receivables (non-current) | | 138.0 | 144.6 | 3,760.5 | |
| | | | | 3,416.1 |
The Group offers tenancy contracts to commercial (universities and retail unit tenants) and individual tenants based on the
academic year. The Group monitors and manages the recoverability of its receivables based on the academic year to which the
amounts relate. Rental income is payable immediately, therefore all receivables relating to tenants are past the payment due date.
We do not anticipate there to be any expected credit loss on amounts receivable from joint ventures as these remain profitable.
Details of amounts due from Group undertakings to the Company are disclosed in note 5.6.
| 2025 | Ageing by academic year | | | |
| Total | 2025/26 | 2024/25 | |
| | | | Prior |
| | | | years |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Rental debtors | | | | |
| Commercial tenants (past due and impaired) | 0.7 | 0.1 | 0.3 | 0.3 |
| Individual tenants (past due and impaired) | 17.0 | 12.6 | 1.5 | 2.9 |
| Expected credit loss carried | (6.5) | (1.6) | (1.7) | (3.2) |
| Trade receivables | 11.2 | 11.1 | 0.1 | - |
| 2024 | Ageing by academic year | | | |
| Total | 2024/25 | 2023/24 | Prior years |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Rental debtors | | | | |
| Commercial tenants (past due and impaired) | 1.5 | 0.5 | 0.6 | 0.4 |
| Individual tenants (past due and impaired) | 47.3 | 39.9 | 2.8 | 4.6 |
| Expected credit loss carried | (11. 3) | (2.9) | (3.4) | (5.0) |
| Trade receivables | 37.5 | 37.5 | - | - |
Movements in the Group\u2019s expected credit losses of trade receivables can be shown as follows:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| At 1 January | 11.3 | |
| | 18.4 |
| Expected credit loss charged to income statement in year | 2.6 | |
| | 0.9 |
| Balance moved into Joint Ventures | (7.4) | |
| | - |
| Receivables written off during the year (utilisation of expected credit loss) | - | |
| | (8.0) |
| At 31 December | 6.5 | |
| | 11.3 |
The loss allowance for trade receivables is estimated as an amount equal to the lifetime expected credit loss (ECL). This loss has been
estimated using the Group\u2019s history of loss for similar assets and takes into account current and forecast conditions.
The impact of credit losses is not considered significant in respect of the financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_D190073969_CY": {
"value": "Accounting policies
On the basis that trade receivables meet the business model and cash flow characteristics tests, they are initially recognised at
transaction price and then subsequently measured at amortised cost.
The Group applies the IFRS 9 simplified model of recognising lifetime expected credit losses for all trade receivables as these
items do not have a significant financing component.
In measuring the expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared
credit risk characteristics. They have been grouped based on the days past due and also according to whether the tenant is a
commercial organisation (including universities) or an individual student.
The expected loss rates are based on the payment profile for sales by academic year as well as the corresponding historical
credit losses during the period. The historical rates are adjusted to reflect any current and forward-looking macroeconomic
factors affecting the customer\u2019s ability to settle the amount outstanding, however given the short period exposed to credit risk,
the impact of macroeconomic factors has not been considered significant within the reporting period.
Trade receivables are written off (i.e. derecognised) when there is no reasonable expectation of recovery. Failure to make
payments within a reasonable period from the invoice date and failure to engage with the Group on alternative payment
arrangements, amongst others, are considered indicators of no reasonable expectation of recovery.
Other financial asset balances are assessed for expected credit losses based on the underlying nature of the asset, including
maturity and age of the asset such as whether a longer-term asset or a short-term working capital balance is subject to regular
settlement arrangements, using the 12-month ECL model. No credit losses have been recognised in respect of these balances.
Financial assets written off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into
account legal advice where appropriate. Any recoveries made are recognised in profit or loss.
The Company\u2019s impairment policies in relation to financial assets are consistent with those of the Group, with additional
consideration given to loans to Group undertakings. In this respect, the Company recognises lifetime ECL when there has been
a significant increase in credit risk (such as changes to credit ratings) since initial recognition. However, if the credit risk on the
loans have not increased significantly since initial recognition, the Company measures the loss allowance for that financial
instrument at an amount equal to 12-month ECL.
The Company expects that the loans to Group undertakings will be repaid in full at maturity or when called. If the Group
undertakings were unable to repay loan balances, the Company expects that in such circumstances the counterparty would
negotiate extended credit terms with the Company. As such, the expected credit loss is considered immaterial. No change
in credit risk is deemed to have occurred since initial recognition and therefore a 12-month expected credit loss has been
calculated based on the assessed probability of default.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_D1177836541_CY": {
"value": "5.4 Trade and other payables
Trade and other payables due within one year can be analysed as follows:
| Group | | Company | |
| 2025 | 2024 | 2025 | 2024 |
| \u00a3m | \u00a3m | \u00a3m | \u00a3m |
| Trade payables | | | | |
| 52.6 | 73.7 | - | |
| | | | - |
| Retentions on construction contracts for properties | | | | |
| 11.2 | 8.1 | - | |
| | | | - |
| Amounts due to Group undertakings | | | | |
| | | 187.1 | |
| | | | 102.1 |
| Other payables and accrued expenses | | | | |
| 134.5 | 95.3 | 22.8 | |
| | | | 24.8 |
| Deferred income | | | | |
| 31.9 | 78.4 | - | |
| | | | - |
| Trade and other payables | | | | |
| 230.2 | | | |
| | 255.5 | | |
| | | 209.9 | |
| | | | 126.9 |
Included within other payables and accrued expenses is \u00a323.2 million of capital expenditure accruals (2024: \u00a319.4 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory_D891597764_CY": {
"value": "Accounting policies
Trade payables are initially recognised at the value of the invoice received from a supplier (fair value) and subsequently at amortised
cost. The carrying value of trade payables is considered approximate to fair value. Group amounts are payable on demand.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_D908092226_CY": {
"value": "5.5 Transactions with other Group companies
The Company was charged by Unite Integrated Solutions plc for corporate costs of \u00a35.0 million (2024: \u00a35.0 million). The following
amounts were due from/to the Company\u2019s subsidiaries at the year-end.
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Unite Holdings Limited | 116.9 | |
| | 121.9 |
| LDC (Holdings) Limited | 1,607.5 | |
| | 1,658.0 |
| Liberty Living Group | 1,909.1 | |
| | 1,509.2 |
| LDC (Portfolio) Ltd | 127.0 | |
| | 127.0 |
| Amounts due from Group undertakings | 3,760.5 | |
| | 3,416.1 |
| Unite Integrated Solutions plc | 187.1 | |
| | 102.1 |
| Amounts due to Group undertakings | 187.1 | |
| | 102.1 |
The Parent Company has received management fees from its joint ventures, which are disclosed in note 3.4c.
The Company ensures the recoverability of intercompany receivable balances at the balance sheet date by ensuring that the
counterparties have suffcient net assets to settle the balance outstanding.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_D2092428543_CY": {
"value": "Accounting policies
The Group operates a defined contribution pension scheme. Obligations for contributions to defined contribution pension plans
are recognised as an expense in the income statement as incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory_D131757895_CY": {
"value": "6.1 Staff numbers and costs
With the exception of the Directors, who are employed by Unite Group PLC, all employees are employed by subsidiaries of the
Group. The employee costs of Unite Group PLC are borne by another Group company.
The average number of persons employed by the Group (including Directors) during the year (calculated on a monthly basis),
analysed by category, was as follows:
| Number of employees | |
| 2025 | 2024 |
| Managerial and administrative | 651 | |
| | 617 |
| Site operatives | 1,266 | |
| | 1,291 |
| Total | 1,917 | |
| | 1,908 |
The aggregate payroll costs of these persons were as follows:
| 2025 | |
| | 2024 |
| \u00a3m | |
| | \u00a3m |
| Wages and salaries | 86.3 | |
| | 79.6 |
| Social security costs | 9.9 | |
| | 7.9 |
| Pension costs | 4.2 | |
| | 3.8 |
| Fair value of share-based payments | 1.5 | |
| | 2.4 |
| Total | 101.9 | |
| | 93.7 |
The wages and salaries costs include redundancy costs of \u00a34.8 million (2024: \u00a30.5 million).
The total number of persons employed by the Group (including Directors) and Company as at 31 December 2025 was 651 managerial
and administrative and 1,266 site operatives.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfInformationAboutKeyManagementPersonnelExplanatory_D1794991167_CY": {
"value": "6.2 Key management personnel
The remuneration of the Directors, including Non-Executive Directors, who are the key management personnel of the Group and
Company, is set out below in aggregate for each of the applicable categories specified in IAS 24 Related Party Disclosures. Further
information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Report on
page 128 which covers the requirements of schedule 5 of the relevant legislation.
| 2025 | |
| | 2024 |
| \u00a3m | \u00a3m |
| Short-term employee benefits | 2.4 | |
| | 2.7 |
| Post employment benefits | - | |
| | 0.1 |
| Share-based payment benefits | 0.4 | |
| | 0.5 |
| Total | 2.8 | |
| | 3.3 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_D2102373406_CY": {
"value": "6.3 Share-based compensation
A transaction is classified as a share-based transaction where the Group receives services from employees and pays for these in
shares or similar equity instruments. The Group operates a number of share-based compensation schemes allowing employees to
acquire shares in the Company.
6.3a) Share schemes
The Group operates the following schemes:
Long-term incentive plan (LTIP), comprising the:
\u2013 Performance Share Plan (PSP); and Details can be found in the Directors\u2019 Remuneration Report
\u2013 HMRC Approved Employee Share Option Scheme (ESOS)
Save As You Earn Scheme (SAYE) Open to employees; vesting periods of three years;
service condition
6.3b) Outstanding share options
The table below summarises the movements in the number of share options outstanding for the Group and their average exercise price:
| Weighted | | | |
| average exercise | | | |
| price | | | |
| | Number of options | | |
| | (thousands) | | |
| | | Weighted average | |
| | | exercise price | |
| | | 2024 | |
| | | | Number of |
| | | | options |
| | | | (thousands) |
| | | | 2024 |
| 2025 | 2025 | | |
| Outstanding at 1 January | | | | |
| \u00a32.53 | 2,381 | | |
| | | \u00a32.49 | 1,942 |
| Forfeited during the year | | | | |
| \u00a32.70 | (1,020) | | |
| | | \u00a35.15 | (170) |
| Exercised during the year | | | | |
| \u00a32.61 | (314) | | |
| | | \u00a31.20 | (201) |
| Granted during the year | | | | |
| \u00a32.33 | 1,072 | | |
| | | \u00a32.84 | 810 |
| Outstanding at 31 December | | | | |
| \u00a32.61 | 2 ,119 | | |
| | | \u00a32.53 | 2,381 |
| Exercisable at 31 December | | | | |
| \u00a310.80 | 80 | | |
| | | \u00a39.65 | 84 |
For those options exercised in the year, the average share price during 2025 was \u00a37.45 (2024: \u00a39.35).
For those options still outstanding, the range of exercise prices at the year-end was 0p to 1,121p (2024: 0p to 1,121p) and the
weighted average remaining contractual life of these options was 4.4 years (2024: 3.9 years).
The Group funds the purchase of its own shares by the Employee Share Ownership Trust to meet the obligations of the LTIP
and Executive bonus scheme. The purchases are shown as Own shares acquired in retained earnings.
As at 31 December 2025, the number of shares held by the ESOT was 190,675 (2024: 203,898).
The accounting is in accordance with the relevant standards. No further information is given as the amounts for share-based
payments are immaterial.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_D391085583_CY": {
"value": " Section 7: Post balance sheet events
The Group has reviewed events up to 24 February 2026 and have identified the following non-adjusting events after the
reporting period:
On 9 January 2026, the Group announced that it had launched a \u00a3100 million share buyback programme to return surplus capital to
shareholders. The programme will complete by 30 June 2026.
On 28 January 2026, the Group completed the acquisition of Empiric Students Property (Empiric), bringing the Hello Students brand
into the business. The acquisition was for total consideration of c.\u00a3530 million. The consideration is comprised of a combination
of cash and Unite Group shares for each Empiric share. A total of 56,547,696 new ordinary shares in the Company were submitted
for admission to trading on the London Stock Exchange\u2019s main market for listed securities on 29 January 2026. Cash consideration
totalled \u00a3204 million.
The initial accounting for the business combination was not complete when these financial statements were authorised for issue.
On 3 February 2026, the Group entered into a joint venture with Manchester Metropolitan University to redevelop the Cambridge
Halls site in Manchester. The joint venture will deliver approximately 2,302 purpose-built student accommodation beds. The Group
will hold a 69% interest and will act as developer, operator, and asset manager, with Manchester Metropolitan University holding the
remaining 31% interest.
The Group has reviewed events up to 24 February 2026 and have determined that no other material post balance sheet events
have occurred.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800BBUUWVDH9YI827",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"fact_utg_DisclosureOfSubsidiariesAndJointVenturesExplanatory_D952928142_CY": {
"value": "Section 8: Company subsidiaries and joint ventures
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted investments as at
31 December 2025 is disclosed below. Unless otherwise stated, the Group\u2019s ownership interest represents 100% of the ordinary
shares, units or partnership capital held indirectly by Unite Group PLC. No subsidiary undertakings have been excluded from the
consolidation. The Unite Foundation has a year-end of 30 September to facilitate academic year reporting. All other subsidiaries have
a year-end of 31 December.
Registered offce and principal place of business: 1st Floor, Welcome Building, Avon Street, Bristol, BS2 0PS
| Filbert Village GP Limited (06016554) (22.0%)** | LDC (Hillhead) Limited (06176554)** |
| Filbert Village Student Accommodation Limited Partnership (29.8%)**, dissolved in 2025 | |
| LDC (Holdings) Limited (02625007)* |
| LDC (180 Stratford) Limited (14254727)** | LDC (Imperial Wharf) Limited (04541678)** |
| LDC (AIB Warehouse) Limited (04872419)** | LDC (International House) Limited (10131352)** |
| LDC (Alscot Road) Limited (06176428)** | LDC (Kelham Island) Limited (05152229)** |
| LDC (Brunel House) Limited (09760628)** | LDC (Leasehold A) Limited (04066933)** |
| LDC (Camden Court Leasehold) Limited (05140620)** | LDC (Leasehold B) Limited (05978242)** |
| LDC (Camden Court) Limited (05082671)** | LDC (Loughborough) Limited (04207522)** |
| LDC (Capital Cities Nominee No.1) Limited (05347228) (50.0%)** | LDC (Magnet Court Leasehold) Limited (05140255)** |
| LDC (Capital Cities Nominee No.2) Limited (05359457) (50.0%)** | LDC (Millennium View) Limited (09890375)** |
| LDC (Capital Cities Nominee No.3) Limited (08792780) (50.0%)** | LDC (MTF Portfolio) Limited (05530557)** |
| LDC (Capital Cities Nominee No.4) Limited (08792688) (50.0%)** | LDC (Nairn Street) GP1 Limited (07580262) (22.0%)** |
| LDC (Capital Cities) Limited (05347220) (50.0%)** | LDC (Nairn Street) GP2 Limited (07580257) (22.0%)** |
| LDC (Causewayend) Limited (08895966)** | LDC (Nairn Street) GP3 Limited (07808933)** |
| LDC (Chantry Court Leasehold) Limited (05140258)** | LDC (Nairn Street) GP4 Limited (07808919)** |
| LDC (Chaucer House) Limited (09898020)** | LDC (Nairn Street) Holdings Limited (07579402)** |
| LDC (Constitution Street) Limited (09210998)** | LDC (Nairn Street) Limited Partnership (29.8%)** |
| LDC (Construction Two) Limited (04847268)** | LDC (Nairn Street) Management Limited Partnership (29.8%) |
| LDC (Euro Loan) Limited (06623603)** | LDC (New Wakefield Street) Limited (10436455)** |
| LDC (Ferry Lane 2) GP1 Limited (07359448) (50.0%)** | LDC (Newgate) Limited (08895869)** |
| LDC (Ferry Lane 2) GP2 Limited (07359481) (50.0%)** | LDC (Old Hospital) Limited (09702143)** |
| LDC (Ferry Lane 2) GP3 Limited (07503842)** | LDC (Oxford Road Bournemouth) Limited (04407309)** |
| LDC (Ferry Lane 2) GP4 Limited (07503913)** | LDC (Portfolio 100) Limited (07989369)** |
| LDC (Ferry Lane 2) Holdings Limited (07504099) (50.0%)** | LDC (Portfolio 20) Limited (08803996)** |
| LDC (Ferry Lane 2) Limited Partnership (50.00%)** | LDC (Portfolio Five) Limited (06079581)** |
| LDC (Ferry Lane 2) Management Limited Partnership (50.00%)** | LDC (Portfolio Four) Limited (04985603)** |
| LDC (Finance) Limited (09760806)** | LDC (Portfolio One) Limited (03005262)** |
| LDC (Greetham Street) Limited (08895825)** | LDC (Portfolio) Limited (08419375)** |
| LDC (Gt Suffolk St) GP1 Limited (07274156)** | LDC (Project 110) Limited (05083580)** |
| LDC (Gt Suffolk St) GP2 Limited (07274000)** | LDC (Project 111) Limited (05791650)** |
| LDC (Gt Suffolk St) Holdings Limited (07353946)** | LDC (Radmarsh Road) Limited (05435290)** |
| LDC (Gt Suffolk St) Limited Partnership** | LDC (Skelhorne) Limited (09898132)** |
| LDC (Gt Suffolk St) Management GP1 Limited (07354719)** | LDC (Smithfield) Limited (03373096)** |
| LDC (Gt Suffolk St) Management GP2 Limited (07354728)** | LDC (St Leonards) Limited (08895830)** |
| LDC (Gt Suffolk St) Management Limited Partnership** | LDC (St Pancras Way) GP1 Limited (07359501)** |
| LDC (Hampton Street) Limited (06415998)** | LDC (St Pancras Way) GP2 Limited (07359428)** |
* Held directly by the Company.
** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue
of s477 or s479A for the financial year ended 31 December 2025.
Registered offce and principal place of business: 1st Floor, Welcome Building, Avon Street, Bristol, BS2 0PS
| LDC (St Pancras Way) GP3 Limited (07503268)** | Liberty Living Investments Nominee 3 Limited (10519085)** |
| LDC (St Pancras Way) GP4 Limited (07503251)** | Liberty Living Limited (04055891)** |
| LDC (St Pancras Way) Holdings Limited (07360734)** | Liberty Living SpareCo Limited (04616115)** |
| LDC (St Pancras Way) Limited Partnership** | Liberty Living UK Limited (06064187)** |
| LDC (St Pancras Way) Management Limited Partnership** | Liberty Park (Bristol) Limited (07615601)** |
| LDC (St Vincent's) Limited (10218310)** | Liberty Park (US Bristol) Limited (07615619)** |
| LDC (Stratford) GP1 Limited (07547911) (50.0%) | Liberty Plaza (London) Limited (07745097)** |
| LDC (Stratford) GP2 Limited (07547994) (50.0%) | Liberty Point (Coventry) Limited (04992358)** |
| LDC (Stratford) Limited Partnership (50.0%)** | Liberty Point (Manchester) Limited (04828083)** |
| LDC (Swindon NHS) Limited (04207502)** | Liberty Point Southampton (Block A) Limited (10314954)** |
| LDC (Tara House) Limited (09214177)** | Liberty Prospect Point (Liverpool) Limited (04637570)** |
| LDC (Thurso Street) GP1 Limited (07199022)** | Liberty Quay (Newcastle) Limited (05234174)** |
| LDC (Thurso Street) GP2 Limited (07198979)** | Liberty Quay 2 (Newcastle) Limited (07376627)** |
| LDC (Thurso Street) GP3 Limited (07434001)** | Liberty Severn Point (Cardiff) Limited (04313995)** |
| LDC (Thurso Street) GP4 Limited (07434133)** | Liberty Village (Edinburgh) Limited (10323566)** |
| LDC (Thurso Street) Limited Partnership** | LL Midco 2 Limited (08998308)** |
| LDC (Thurso Street) Management Limited Partnership** | LSAV (Angel Lane) GP1 Limited (08593689) (50.0%)** |
| LDC (Ventura) Limited (04444628)** | LSAV (Angel Lane) GP2 Limited (08593692) (50.0%)** |
| LDC (Vernon Square) Limited (06444132)** | LSAV (Angel Lane) GP3 Limited (08646359)** |
| LDC (William Morris II) Limited (05999281)** | LSAV (Angel Lane) GP4 Limited (08646929)** |
| LDC Capital Cities Two (GP) Limited (08790742) (50.0%)** | LSAV (Angel Lane) Limited Partnership (50.0%)** |
| Liberty Atlantic Point (Liverpool) Limited (03885187)** | LSAV (Angel Lane) Management Limited Partnership (50.0%)** |
| Liberty Heights (Manchester) Limited (07399622)** | LSAV (Arch View) GP1 Limited (13210709) (50.0%)** |
| Liberty Living (HE) Holdings Ltd - Company Only (10977869)** | LSAV (Arch View) GP3 Limited (13210526)** |
| Liberty Living (LH Manchester) Limited (07120141)** | LSAV (Arch View) LP (50.0%)** |
| Liberty Living (Liberty AP) Limited (03633307)** | LSAV (Arch View) Management LP (50.0%)** |
| Liberty Living (Liberty PP) Limited (03991475)** | LSAV (Arch View) Nominee 1 Limited (13210518) (50.0%)** |
| Liberty Living (LP Bristol) Limited (07242607)** | LSAV (Arch View) Nominee 3 Limited (13210553)** |
| Liberty Living (LP Coventry) Limited (04330729)** | LSAV (Aston Student Village) GP1 Limited (10498478) (50.0%) |
| Liberty Living (LP Manchester) Limited (04314013)** | LSAV (Aston Student Village) GP2 Limited (10498481) (50.0%) |
| Liberty Living (LQ Newcastle) Limited (04302869)** | LSAV (Aston Student Village) GP3 Limited (10498217) |
| Liberty Living (LQ2 Newcastle) Limited (07298853)** | LSAV (Aston Student Village) GP4 Limited (10498484) |
| Liberty Living Finance PLC (10979349)** | LSAV (Aston Student Village) Limited Partnership (50.0%) |
| Liberty Living Group Limited (BR020813)*/** | LSAV (Aston Student Village) Management Limited Partnership (50.0%) |
| Liberty Living Investments 1 Limited Partnership** | LSAV (Drapery Plaza) GP1 Limited (13209904) (50.0%)** |
| Liberty Living Investments 2 Limited Partnership** | LSAV (Drapery Plaza) GP3 Limited (13210206)** |
| Liberty Living Investments 3 Limited Partnership** | LSAV (Drapery Plaza) LP (50.0%)** |
| Liberty Living Investments GP1 Limited (09375866)** | LSAV (Drapery Plaza) Management LP (50.0%)** |
| Liberty Living Investments GP2 Limited (09375868)** | LSAV (Drapery Plaza) Nominee 1 Limited (13209909) (50.0%)** |
| Liberty Living Investments GP3 Limited (10518849)** | LSAV (Drapery Plaza) Nominee 3 Limited (13209979)** |
| Liberty Living Investments II Holdco 2 Limited (09574059)** | LSAV (No.1) GP1 Limited (13184531) (50.0%)** |
| Liberty Living Investments II Holdco Limited (08929431)** | LSAV (No.1) GP3 Limited (13184662)** |
| Liberty Living Investments II Limited (09680931)** | LSAV (No.1) LP (50.0%)** |
| Liberty Living Investments Limited (09375870)** | LSAV (No.1) Management LP (50.0%)** |
| Liberty Living Investments Nominee 1 Limited (09375846)** | LSAV (No.1) Nominee 1 Limited (13184589) (50.0%)** |
| Liberty Living Investments Nominee 2 Limited (09375849)** | LSAV (No.1) Nominee 3 Limited (13184656)** |
* Held directly by the Company.
** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue
of s477 or s479A for the financial year ended 31 December 2025.
Registered offce and principal place of business: 1st Floor, Welcome Building, Avon Street, Bristol, BS2 0PS
| LSAV (Stapleton) GP1 Limited (08593695) (50.0%)** | Unite Finance One (Property) Limited (04303331)** |
| LSAV (Stapleton) GP2 Limited (08593699) (50.0%)** | Unite FM Limited (06807562)** |
| LSAV (Stapleton) GP3 Limited (08646819)** | Unite For Success Limited (05157263)** |
| LSAV (Stapleton) GP4 Limited (08647019)** | Unite HEI Investments GP Limited (15584836) (51%)** |
| LSAV (Stapleton) Limited Partnership (50.0%)** | Unite HEI Investments Limited Partnership (LP023677) (51%)** |
| LSAV (Stapleton) Management Limited Partnership (50.0%)** | Unite Holdings Limited (03148468)*/** |
| LSAV (Stratford) GP3 Limited (08751654)** | Unite Homes Limited (05140262)** |
| LSAV (Stratford) GP4 Limited (08751629)** | Unite Integrated Solutions plc (02402714) |
| LSAV (Stratford) Management Limited Partnership (50.0%)** | Unite Manchester Metropolitan GP Limited (16617446)(69%) |
| LSAV (Wembley) GP1 Limited (08635735) (50.0%)** | |
| Unite Manchester Metropolitan Management GP Limited (16815175)(69%)** |
| LSAV (Wembley) GP2 Limited (08636051) (50.0%)** | |
| Unite Manchester Metropolitan Nominee 1 Limited (16815185)(69%)** |
| LSAV (Wembley) GP3 Limited (08725127)** | |
| Unite Manchester Metropolitan Nominee 2 Limited (16815193) (69%)** |
| LSAV (Wembley) GP4 Limited (08725235)** | |
| Unite Manchester Metropolitan Nominee 3 Limited (16817722) (69%)** |
| LSAV (Wembley) Limited Partnership (50.0%)** | |
| Unite Manchester Metropolitan Nominee 4 Limited (16817730) (69%)** |
| LSAV (Wembley) Management Limited Partnership (50.0%)** | Unite Manchester Metropolitan Project LP (LP024304) (69%) |
| LSAV Facility 1 Holdings Limited (13913388) (50.0%)** | Unite Modular Solutions Limited (05140259)** |
| LSAV Facility 1 Management Holdings Limited (13913371)** | Unite Newcastle GP Limited (15588783) (51%) |
| LSAV Management Holdings Limited (13305327)** | Unite Newcastle Project Limited Partnership (51%)** |
| LSAV Rent Collection Limited (08496230)** | Unite Newcastle Management GP Limited (16787110) (51%)** |
| Stardesert Limited (04437102)** | Unite Newcastle Management Limited Partnership (51%)** |
| The Unite Foundation ** | |
| Unite Newcastle Management Nominee 3 Limited (16815184) (51%)** |
| Unite Accommodation Management 16 Limited (07061314)** | |
| Unite Newcastle Management Nominee 4 Limited (16815198) (51%)** |
| Unite Accommodation Management 18 Limited (08328484)** | Unite Newcastle Nominee 1 Limited (16787080) (51%)** |
| Unite Accommodation Management 19 Limited (08790504) (100%)** | Unite Newcastle Nominee 2 Limited (16787090) (51%)** |
| Unite Accommodation Management 2 Limited (05193166)** | Unite Rent Collection Limited (05982935)** |
| Unite Accommodation Management 20 Limited (08790642) (50.0%)** | Unite Student Living Limited (06204135)** |
| Unite Accommodation Management 6 Limited (05077346)** | USAF Finance II Limited (08526474) (22.0%)** |
| Unite Accommodation Management 9 Limited (06190863)** | USAF GP No 1 Limited (05897875) (22.0%)** |
| Unite Accommodation Management Limited (06190905)** | USAF GP No 10 Limited (06714734) (22.0%)** |
| Unite Accommodation Management One Hundred Limited (07989080)** | USAF GP No 11 Limited (07075210) (22.0%)** |
| Unite Capital Cities 3 GP1 Limited (13913884) (50.0%)** | USAF GP No 11 Management Limited (07351883)** |
| Unite Capital Cities 3 Limited Partnership (50.0%)** USAF GP No 12 Limited (07368735) (22.0%)** | |
| Unite Capital Cities 3 Management Limited (13913891) (50.0%)** | USAF GP No 14 Limited (09089977) (22.0%)** |
| Unite Capital Cities 3 Nominee 1 Limited (13913890) (50.0%)** | USAF GP No 15 Limited (09585201) (22.0%)** |
| Unite Capital Cities Holdings Limited (08801242) (50.0%)** | USAF GP No 18 Limited (10219336) (22.0%)** |
| Unite Capital Cities Limited Partnership (50.0%)** | USAF GP No 6 Limited (05897755) (22.0%)** |
| Unite Capital Cities Two GP3 Limited (16148993)** | USAF GP No 8 Limited (06381914) (22.0%)** |
| Unite Capital Cities Two Limited Partnership (50.0%) | |
| USAF GP No.15A Limited (12644211) (22.0%)** |
| Unite Construction (Angel Lane) Limited (08792704)** | USAF GP No.16A Limited (12644210) (22.0%)** |
| Unite Construction (Stapleton) Limited (09023406)** | USAF GP No.16B Limited (14707370) (22.0%)** |
| Unite Construction (Wembley) Limited (09023474)** | USAF GP No.17A Limited (12644208) (22.0%)** |
| Unite Finance Limited (04353305)*/** | USAF GP No.17B Limited (14707101) (22.0%)** |
| Unite Finance One (Accommodation Services) Limited (04332937)** | USAF GP No.17C Limited (15455410) (22.0%)** |
| Unite Finance One (Holdings) Limited (04316207)** | |
* Held directly by the Company.
** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue
of s477 or s479A for the financial year ended 31 December 2025.
Registered offce and principal place of business: 1st Floor, Welcome Building, Avon Street, Bristol, BS2 0PS
| USAF GP No.18A Limited (15455404) (22.0%)** | USAF No.16B Nominee 1 Limited (14707400) (22.0%)** |
| USAF GP No.18B Limited (16316300) (22.0%)** | USAF No.16B Nominee 2 Limited (14707390) (22.0%)** |
| USAF GP No.19 Limited (14707096) (22.0%)** | USAF No.17A Limited Partnership (29.8%)** |
| USAF Holding K Limited (14700139) (22.0%)** | USAF No.17B Limited Partnership (29.8%)** |
| USAF Holdings B Limited (06324325) (22.0%)** | USAF No.17B Nominee 1 Limited (14707108) (22.0%)** |
| USAF Holdings C Limited (06381882) (22.0%)** | USAF No.17B Nominee 2 Limited (14707114) (22.0%)** |
| USAF Holdings H Limited (09089805) (22.0%)** | USAF No.17C Nominee 1 Limited (15455419) (22.0%)** |
| USAF Holdings I Limited (09581882) (22.0%)** | USAF No.17C Nominee 2 Limited (15455417) (22.0%)** |
| USAF Holdings J Limited (10215997) (22.0%)** | USAF No. 17C Limited Partnership (29.8%) |
| USAF Holdings Limited (05870107) (22.0%)** | USAF No.18 Limited Partnership (29.8%)** |
| USAF LP Limited (05860874)** | USAF No.18A Limited Partnership (29.8%) |
| USAF Management 10 Limited (06714695)** | USAF No.18A Nominee 1 Limited (15455414) (22.0%)** |
| USAF Management 11 Limited (07082782)** | USAF No.18A Nominee 2 Limited (15455424) (22.0%)** |
| USAF Management 12 Limited (07365681)** | USAF No.18B Limited Partnership (29.8%)** |
| USAF Management 14 Limited (09232206)** | USAF No.18B Nominee 1 Limited (16376736) (22.0%)** |
| USAF Management 16 Ltd (07735741) (29.8%)** | USAF No.18B Nominee 2 Limited (16376740) (22.0%)** |
| USAF Management 17 Ltd (05591986) (29.8%)** | USAF No.19 Limited Partnership (29.8%)** |
| USAF Management 18 Limited (10219775)** | USAF No.6 Limited Partnership (29.8%)** |
| USAF Management 6 Limited (06225945)** | USAF No.8 Limited Partnership (29.8%)** |
| USAF Management 8 Limited (06387597)** | USAF Nominee No.1 Limited (05855598) (22.0%)** |
| USAF Management 8 No.2 Limited (15935823) (29.8%)** | USAF Nominee No.10 Limited (06714690) (22.0%)** |
| USAF Management GP No. 18A Limited (15522502)** | USAF Nominee No.10A Limited (06714615) (22.0%)** |
| USAF Management GP No.14 Limited (09130985)** | USAF Nominee No.11 Limited (07075251) (22.0%)** |
| USAF Management GP No.15 Limited (09749946)** | USAF Nominee No.11A Limited (07075213) (22.0%)** |
| USAF Management GP No.16 Limited (09750068)** | USAF Nominee No.12 Limited (07368733) (22.0%)** |
| USAF Management GP No.17 Limited (09750061)** | USAF Nominee No.12A Limited (07368755) (22.0%)** |
| USAF Management GP No.18 Limited (12410758)** | USAF Nominee No.14 Limited (09231609) (22.0%)** |
| USAF Management Limited (05862721)** | USAF Nominee No.14A Limited (09231604) (22.0%)** |
| USAF Management No. 14 Limited Partnership (29.8%) | USAF Nominee No.15 Limited (12644205) (22.0%)** |
| USAF MANAGEMENT NO. 15 LIMITED PARTNERSHIP (29.8%) | USAF Nominee No.15A Limited (12644204) (22.0%)** |
| USAF Management No. 16 Limited Partnership (29.8%) | USAF Nominee No.16 Limited (12644201) (22.0%)** |
| USAF Management No. 17 Limited Partnership (29.8%) | USAF Nominee No.16A Limited (12644197) (22.0%)** |
| USAF Management No. 18A Limited Partnership (29.8%) | USAF Nominee No.17 Limited (12644192) (22.0%)** |
| USAF Management No.18 Limited Partnership (29.8%) | USAF Nominee No.17A Limited (12644187) (22.0%)** |
| USAF Management No.19 Limited (14707093) (29.8%)** | USAF Nominee No.18 Limited (10218595) (22.0%)** |
| USAF No.1 Limited Partnership (29.8%)** | USAF Nominee No.18A Limited (10219339) (22.0%)** |
| USAF No.10 Limited Partnership (29.8%)** | USAF Nominee No.19 Limited (14706129) (22.0%)** |
| USAF No.11 Limited Partnership (29.8%)** | USAF Nominee No.19A Limited (14706126) (22.0%)** |
| USAF No.11 Management Limited Partnership (29.8%) | USAF Nominee No.1A Limited (05835512) (22.0%)** |
| USAF No.12 Limited Partnership (29.8%)** | USAF Nominee No.6 Limited (05855599) (22.0%)** |
| USAF No.14 Limited Partnership (29.8%)** | USAF Nominee No.6A Limited (05885802) (22.0%)** |
| USAF No.15 Limited Partnership (29.8%)** | USAF Nominee No.8 Limited (06381861) (22.0%)** |
| USAF No.15A Limited Partnership (29.8%)** | USAF Nominee No.8A Limited (06381869) (22.0%)** |
| USAF No.16A Limited Partnership (29.8%)** | USAF RCC Limited (05983554) (22.0%)** |
| USAF No.16B Limited Partnership (29.8%)** | USAF Superior Holdings Limited (16906547) (29.8%) |
* Held directly by the Company.
** Company is exempt from the requirements of the Companies Act relating to the audit of individual financial statements by virtue
of s477 or s479A for the financial year ended 31 December 2025.
Registered offce: IFC 5, St Helier, Jersey, JE1 1ST
| LDC (Great Suffolk St) Unit Trust** | LSAV (Aston Student Village) Unit Trust (50.0%) |
| LDC (St Pancras Way) Unit Trust** | LSAV (Holdings) Limited (50.0%) |
| LDC (Thurso Street) Unit Trust** | LSAV (Trustee) Limited (50.0%) |
| LSAV (Jersey Manager) Limited** | LSAV Unit Trust (50.0%) |
| Unite (Capital Cities) Jersey Ltd** | Unite Capital Cities Unit Trust (50.0%) |
| USAF Jersey Investments Ltd** | USAF Portfolio 18 Unit Trust (29.8%) |
| USAF Jersey Manager Ltd | LDC (Nairn Street) Unit Trust (29.8%) |
| LDC (Ferry Lane 2) Unit Trust (50.0%) | Unite HEI Investments Unit Trust |
| LDC (Stratford) Unit Trust (50.0%) | Unite UK Student Accommodation Fund (29.8%) |
| LSAV (Drapery Plaza) Unit Trust (50.0%) | LSAV (Arch View) Unit Trust (50.0%) |
| Liberty Living Group Limited** | |
Registered offce: Third Floor, La Plaiderie Chambers, St Peter Port, Guernsey, GY1 1WG
| USAF Portfolio 15 Unit Trust (29.8%)** | USAF Portfolio 17 Unit Trust (29.8%)** |
| USAF Portfolio 16 Unit Trust (29.8%)** | |
| Registered offce: Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN | |
| LSAV (GP) Limited (SC431844) (50.0%) | LSAV (Property Holdings) Limited Partnership (50.0%) |
| Registered offce: Trident Chambers, Wickhams Cay, P.O. Box 146, Road Town, Tortola, British Virgin Islands | |
| Liberty Park (Bedford) Limited** | Liberty Plaza (Newcastle) Limited** |
| Registered offce: Room 1008, Floor 9, Building no.4, Wanda Square, 93 Haoyuan, Jianguo Road, Chaoyang District, 100022 | |
| Beijing, China | |
| Unite Students Accommodation (Beijing) Business Service Company Limited** | |
| Registered offce and principal place of business: Second Floor, St George\u2019s Court, Upper Church Street, Douglas, | |
| Isle of Man, IM1 1EE | |
| Filbert Street Student Accommodation Unit Trust (29.8%)**, terminated in 2025 | |
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