Unite Students discount policy cause share backlash

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Unite Students discount policy cause share backlash

FTSE 250 specialist property firm Unite Students (LON:UTG) has seen its share price drop by 5.33% to 932p (as of 14:25 GMT) after it extended its rental discount program until March 8th. The company has cut rents for eligible tenants by 50% during the current lockdown and management said that the arrangement would cause a loss of £6 million in rental income.

CEO Richard Smith commented: “Supporting students has been our priority throughout the Covid-19 pandemic, and we will continue to play our part during these exceptional circumstances. We recognise this is a challenging time for students, which is why we’ve extended our current 50% rent discount period.

All our properties remain open for the tens of thousands of students who are still living in their accommodation, with our staff on hand to help. Our focus is on keeping all our students and our staff safe across all our properties.

We also continue to work closely with our University partners and will review any material changes in the Government’s guidance on Universities remaining open“.

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