Student housing provider Unite Group has completed its £1.4bn acquisition of Liberty Living’s UK assets from CPPIB.
The combined group will manage 75,000 student beds across 175 properties in 27 UK towns and cities, with a total portfolio valuation of around £5.2bn.
Richard Smith, chief executive at Unite, said: “This deal brings together two complementary businesses who share a commitment to providing high quality, affordable student accommodation with a focus on service and welfare and a strategic alignment to universities where student demand is strongest.
“The deal will accelerate our earnings, driving meaningful accretion from 2020 onwards. It also gives us enhanced scale which, combined with our best-in-class operating platform, means we are well-placed to meet the substantial market opportunity from the 1.5 million students requiring accommodation each year.”
With effect from completion, Thomas Jackson, nominated by CPPIB, has been appointed as a non-executive director of the company.
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