Portfolio enhancement We appraise and selectively acquire single assets and portfolios which enhance portfolio quality and financial performance, where there is clear alignment to the strongest universities. Acquire We aim to dispose of £300–400 million p.a. assets to improve the quality of our portfolio, increasing our alignment to the strongest universities with the best prospects for demand for student accommodation. This capital recycling provides funding to invest in new university partnerships, improvements to our existing portfolio and share buybacks, while maintaining the strength of our balance sheet. Recycle We develop high-quality PBSA in the most attractive university markets, where demand is strongest. Our off- campus pipeline includes two development schemes, totalling 1,650 beds and, once complete, the projects will add a combined £21 million to net operating income from the academic year 2027/28. On-campus partnerships with universities represent our key strategic growth opportunity over the next 5–10 years. These collaborations deliver high-quality, affordable accommodation directly on campus, supported by joint venture partners who share in our business objectives. Our target is to secure one new partnership agreement each year. Develop THE UNITE GROUP PLC Annual Report and Accounts 2025 09