Summary:
- Unite Group has agreed to acquire Empiric Student Property in a recommended £634 million cash and share deal, valuing Empiric at up to £723 million including dividends, with Empiric shareholders to own about 10 per cent of the enlarged group post-completion.
- The acquisition expands Unite’s portfolio to approximately £10.5 billion and 75,000 beds, primarily in Russell Group university cities, enhancing exposure to the returner student segment through Empiric’s Hello Student brand and unlocking £13.7 million in cost synergies.
- The combined group expects earnings and dividend accretion from the first full year for Empiric shareholders, maintaining a strong balance sheet with net debt/EBITDA of 5.9x and access to significant liquidity, subject to regulatory and shareholder approvals targeted for Q2 2026.
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