Unite Group buys Liberty Living in £1.4bn student housing move
Student housing giant Unite has agreed to snap up rival provider Liberty Living in a £1.4bn deal.
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The two companies confirmed today the cash-and-shares deal, which will create a firm which will control more than 70,000 beds across the UK.
Liberty’s sole shareholder, the Canada Pension Plan Investment Board (CPPIB), will keep a 20 per cent stake in the newly-merged firm.
The move to create a leading student accommodation operator across the UK is set to create a portfolio of 73,000 beds across 173 properties in 27 UK towns and cities with a total valuation of approximately £5.2bn.
Richard Smith, chief executive of Unite, said: “This is a transformative acquisition which brings together the best of two companies with a wealth of expertise and experience in delivering for students and university partners.”
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Smith added: “By combining two highly complementary portfolios, the enlarged group will be well positioned to meet the growing need for affordable, high quality student accommodation in university towns and cities where demand is strong.”