Conygar (LSE:CIC) Investment Company has reported that its Winfield Court student accommodation scheme in Nottingham is fully let for the coming academic year. The announcement on 10 September 2026 followed a more cautious message in the interim results, when the company described the purpose-built student accommodation market as challenging and said occupancy in the previous year had been 81%.

What Conygar does

Conygar is an AIM-listed property investment and development company. LSE:CIC's main Assets are in the TIQ area of Nottingham, which includes the Winfield Court student block, the 1 TIQ food, beverage and events building and undeveloped land. It is part of the FTSE AIM All Share Index, and its asset base has been reshaped by disposals in Wales.

Interim results

Results for the six months to 31 March 2026, published on 15 May 2026, showed net asset value up £12.8 million to £54.3 million, or 91.6p per share. A £15.1 million profit on the sale of land at Rhosgoch in Anglesey, which completed on 7 November 2025 to a Subsidiary of Stena Line, drove the increase. Revenue was £21.1 million, profit after tax £12.8 million and Earnings Per Share 21.39p. No Dividend was declared.

Borrowings fell to £38.7 million from £54.5 million a year earlier, and cash was £6.3 million. At 31 March 2026, Winfield Court was valued at £65.0 million, 1 TIQ at £6.75 million and the undeveloped land at £17.75 million.

Debt restructuring

The Barclays Facility on Winfield Court and 1 TIQ stands at £38.8 million after a £3.9 million part repayment in December 2025. It was restructured on 31 March 2026, with final repayment extended to 31 March 2027, the loan-to-value covenant reduced to a maximum of 60% from 62% and 1 TIQ added to the security. LSE:CIC said it plans to extend, refinance or sell assets to repay the Loan and had no arrangements in place when the interims were signed. A Debt restructuring completion was announced on 1 April 2026. The company also bought back 2,457,684 zero dividend preference shares for £3.0 million in January 2026.

Operations at TIQ

Since 1 October 2025, Rhubarb Food Design has run the food and events operations at 1 TIQ under a ten-year agreement that shares revenue. No planning permissions were granted at TIQ in the period and development did not advance. The company said it was optimistic about the longer-term opportunities for the site.

Sector and index context

The student accommodation sector is sensitive to university recruitment, and operators face competition from other purpose-built schemes. UK real estate is also affected by interest rates and financing conditions. Conygar (LSE:CIC) is a small property group on the FTSE AIM All Share Index, where land and development companies are valued largely on their net assets, and their share prices often trade at a discount to them.

Key risks

The Barclays loan matures on 31 March 2027, so refinancing or asset sales are important. The chief executive warned of hesitation in UK real estate, dependent on geopolitical events and energy costs. Development at TIQ depends on securing planning permission, and valuations could change. The company also holds a significant share of its assets in one location.

What to watch next

Investors will look for progress on refinancing the Barclays facility, any further disposals, and the year-end results to 30 September 2026, which will include the full effect of the new academic year's lettings. Planning developments at TIQ and the first full profit share from 1 TIQ will also be of interest. Substantial shareholding notifications were frequent in September, so register changes may continue.