Unite sells Orient House and Greenview Court

Unite today announces the sale of Orient House, its 158-bed property at Imperial Wharf, West London, to Imperial College London for £20.6 million. The sale price reflects a net initial yield of 5.6%.

Orient House is a non-core asset for Unite as it is a significant distance from the Group’s other London properties and was sold on behalf of Unite’s joint venture with GIC Real Estate, Unite Capital Cities. The property was previously leased to Imperial College London and Imperial now intends to use Orient House to extend their graduate accommodation service, GradPad.

The operator of student accommodation has also sold Greenview Court, an 87-bed property in North London to a private investor for £6 million. This wholly-owned asset does not have en-suite bathrooms and has been leased to a third party for ten years.