Student flats profits rise

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BRITAIN’S largest private company providing student flats which runs seven blocks of apartments in Sheffield has announced a ‘strong’ growth in profits.

Unite, which provides 3,730 bedrooms in Sheffield, revealed profit was up 67 per cent to £7.2 million in the six months to June 30, compared with £4.3 million in the six months to June 2010.

The value of the group’s property portfolio grew by 2.1 per cent, or £15 million, as a result of growth in the value of rental properties.

Unite has also made arrangements to secured £230 million of loans for further developments.

The company reported a strong demand for properties for the 2011/12 academic year, with reservations for its sites at 89 per cent compared to 87 per cent at the same time last year.