Subject: Re: Unite Group (UTG), UK, falling knife.
A couple of random questions out of curiosity rather than diligence.

Would any of the properties they are selling be changed from student to residential? Obviously not the London property they sold to the related party.

Could management be kitchen sinking the set up? Making 2026 the year they lower occupancy expectations massively, then beat and absorb the pain of the Empiric portfolio?

How will Unite aim to transform the Empiric occupancy rates? Selling off the most difficult properties but can they run the remaining properties better under the Unite processes and systems? How does that work?

If the U.K. experienced a recession and base rates continued to fall to say 2%, presumably Unite would be a large beneficiary from lower rates eventually? Or in other words, do they fix their loan interest for only a few years?