Bristol student accommodation firm Unite Group said today a fund in which it has a 20 percent stake has £30 million deposited with failed Icelandic bank Landsbanki.

The funds belong to Unite UK Student Accommodation Fund (USAF), a specialist investment vehicle to which Unite acts as manager and in which it has a 20 percent stake.

Unite, which has 36,000 student beds across the UK, said the money represented 3.5 percent of the total assets of the fund, while Unite itself does not have any deposits with Landsbanki, which went into receivership last week.

Unite said: "On behalf of USAF, Unite is pursuing all available channels for the recovery of these funds, but the extent and timing of recovery is uncertain at the present time."