Unite student property fund Q2 NAV grows 4.1 pct

LONDON, July 6 (Reuters) - Unite Group (UTG.L), Britain's biggest developer of student housing, said the net asset value of its flagship fund rose 4.1 percent in the second quarter, bucking turbulent conditions in the broader property market.

The Estimated Net Asset Value of the Unite UK Student Accommodation Fund at June 30 rose to 71.2 pence per unit versus 68.4 pence per unit at end-March.

The property portfolio was independently valued at 869 million pounds ($1.41 billion) in line with the March valuation but continued rental growth in respect of the 2009/10 academic year resulted in a marginal 0.03 percent increase in the underlying gross property values during the second quarter.

"The fund's strong relative performance in the second quarter of 2009 highlights the continued resilience of student accommodation compared to the broader real estate sector," Unite's Chief Financial Officer Joe Lister said. ($1=.6147 Pound) (Reporting by Sinead Cruise; Editing by Hans Peters) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)