3.3 Investments in joint ventures (Group) Accounting policies Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. The consolidated financial statements include joint ventures initially at cost, subsequently increased or decreased by the Group’s share of total gains and losses of joint ventures on an equity basis. Interest-free joint venture investment loans are initially recorded at fair value – the difference between the nominal amount and fair value being treated as an investment in the joint venture. The implied discount is amortised over the contracted life of the investment loan. The Directors consider that the agreements integral to its joint ventures result in the Group having joint control over the key matters required to operate the joint ventures. A significant degree of judgement is exercised in this assessment due to the complexity of the contractual arrangements. USAF, LSAV and NUJV are jointly-owned entities that are accounted for as joint ventures. Due to the complexity of the contractual arrangements and Unite Group’s role as manager of the joint venture vehicles, the assessment of joint control involves judgements around a number of significant factors. These factors include how Unite Group as fund manager has the ability to direct relevant activities such as acquisitions, disposals, capital expenditure for refurbishments and funding whether through debt or equity. This assessment for USAF is complex because of the number of unit holders and how their rights are represented through an Advisory Committee. For some of the activities it is not clear who has definitive control of the activities: in some scenarios the Group can control, in others the Advisory Committee. However, for the activities which are considered to have the greatest impact on the returns of USAF, acquisitions and equity financing, it has been determined that the Group and the Advisory Committee have joint control in directing these activities and that on balance, it is appropriate to account for USAF as a joint venture. The assessment for LSAV is more straightforward because the Group and GIC each own 50% of the joint venture and there is therefore much clearer evidence that control over the key activities is shared by the two parties. The ownership of the Newcastle University Joint Venture is split: 51% The Group and 49% Newcastle University. Whilst the day-to- day operations are managed by the Group, Newcastle University and the Group provide equal input into setting the business plan and as such control is deemed to be shared by the two parties. The Group has three joint ventures: Joint venture Group’s share of assets/ results 2025 (2024) Objective Partner Legal entity The UNITE UK Student Accommodation Fund (USAF) 29.8% (29.1%) Operate student accommodation throughout the UK Consortium of investors UNITE UK Student Accommodation Fund, a Jersey Unit Trust London Student Accommodation Venture (LSAV) 50% (50%) Operate student accommodation in London and Birmingham GIC Real Estate Pte, Ltd – real estate investment vehicle of the Government of Singapore LSAV Unit Trust, a Jersey Unit Trust and LSAV (Holdings) Ltd, incorporated in Jersey Newcastle University Joint Venture (NUJV)* 51% Redevelop and operate student accomodation in Newcastle Newcastle University Unite Newcastle Holdco GP Limited * On 22nd of December 2025, the Group entered into a joint venture with Newcastle University. NOTES TO THE FINANCIAL STATEMENTS continued THE UNITE GROUP PLC Annual Report and Accounts 2025 174 FINANCIAL STATEMENTS