Student Scheme Could Replace Housing Development
21st Jan 2020
Unite Group has completed the acquisition of Liberty Living from a subsidiary of Canada Pension Plan Investment Board (CPPIB).
Commenting on the deal, Richard Smith, Chief Executive Officer of Unite, said: "I am delighted that we have completed the transformational acquisition of Liberty Living, reinforcing our position as a leading provider of purpose-built student accommodation in the UK. 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."
Thomas Jackson has been nominated by CPPIB as a non-executive director of the company.
It is expected that the deal will accelerate the company's earnings, driving meaningful accretion from 2020 onwards.
