Found a random thread on reddit where someone says they messaged the company (with some fairly daft questions, but OK). It's from 3 months ago, so, March 2026.

old.reddit.com - Unite group book value

"I have received the following reply by the firm:"

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"Our investment is focused on the strongest markets and universities. We have increased our disposal target to £300-400m p.a. and are focused on exiting those assets where we have exposure to lower ranked universities with less demand for accommodation. Our assets were independently valued at the end of December and are priced inline with similar assets which we have sold over the last few years. However, the less certain operating environment, together with the increased quantum which we are selling may lead to softer pricing. Overall, when we receive an offer on an asset, we will assess whether it is best to retain the asset or reinvest the proceeds into higher returning activity."

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"We have looked at international expansion in the past but it isn't a focus today. Our UK operating and development expertise wouldn't map onto laws and regulation in other countries and similarly we don't have relationships with any non-UK universities for nomination opportunities. When thinking about where to deploy marginal capital today, we see the most attractive relative returns in UK university joint ventures and share buy backs."

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"We have to pay out around 75% of our adjusted earnings under the REIT regime and many of our investors value the dividend. We see buybacks as a way to return additional capital to shareholders beyond the dividend. We have offered a scrip scheme in the past but have paused it given the price at which we would be issuing new shares under the scheme."