Latest news with #Empiric
Time of India
3 days ago
- Business
- Time of India
UK's Unite Group to buy Empiric Student Property in $860 million deal
BENGALURU: British student accommodation developer Unite Group has agreed to acquire Empiric Student Property , creating a $14 billion student housing giant as UK university enrolments rise. The cash-and-stock deal, which values Empiric at 634 million pounds ($860.6 million), adds to a wave of transactions in the UK real estate investment trust sector, and comes amid a broader surge in takeover bids for British firms. Unite Group mainly provides housing for first-year students at universities across Britain, while Empiric, which operates premium housing under the Hello Student brand, houses returning students. The deal would result in a combined portfolio worth 10.5 billion pounds, with about 75,000 beds. Demand for further education has rebounded in the past three years following a COVID-induced pause, while tightening student visa policies in key markets like the U.S. and Australia are redirecting student interest toward alternative destinations. "More restrictive policy in the UK's main competitor markets, including the U.S. and Australia, is... making the UK a more attractive destination to international students," a Unite spokesperson said in an emailed statement. According to the Universities and Colleges Admissions Service, UK university acceptances have reached a record high in 2025, with international undergraduate acceptances also rising, led by strong demand from China and the U.S. Under the terms of the deal, Empiric's shares would be valued at about 94.2 pence each, excluding dividends, based on Unite's closing share price of 732 pence on Wednesday. Upon completion, Empiric shareholders will own about 10% of the combined group, with existing Unite shareholders holding the remaining 90%. In 2024 Empiric undertook an extensive process to find a joint venture partner, but the search did not result in an agreement on acceptable terms.
Times
4 days ago
- Business
- Times
Unite agrees reduced £634m deal to buy rival Empiric
Unite is to cement its position as Britain's biggest student landlord after agreeing to buy one of its rivals for £634 million, a 10 per cent haircut on what it had originally proposed. Having taken a deeper look at Empiric's business over the summer Unite has decided to pursue a deal but only after knocking £71 million off its bid. 'As we went through due diligence, given their trading was tracking a little behind, we took a more cautious approach to occupancy this year and that fed into the pricing,' Joe Lister, chief executive of Unite, said.
Reuters
4 days ago
- Business
- Reuters
UK's Unite Group to buy Empiric Student Property in $860 million cash-and-stock deal
Aug 14 (Reuters) - British student accommodation developer Unite Group (UTG.L), opens new tab has agreed to acquire Empiric Student Property <ESP.L, opens new tab in a cash-and-stock deal valuing the smaller peer at 634 million pounds ($860.59 million), the companies said on Thursday. The proposed acquisition adds to a growing wave of transactions in the UK REIT sector and comes amid a broader surge in takeover bids for British firms. Under the terms of the deal, Empiric's shares would be valued at about 94.2 pence each, excluding dividends, based on Unite's closing share price of 732 pence on Wednesday. Upon completion, Empiric shareholders will own about 10% of the combined group, with existing Unite shareholders holding the remaining 90%. ($1 = 0.7367 pounds)
Time of India
06-06-2025
- Business
- Time of India
UK's Unite Group bids $976 million for Empiric Student Property
BENGALURU: British student accommodation developer Unite Group has proposed to buy smaller rival Empiric Student Property for about 719 million pounds ($976 million), the companies said on Thursday, the latest in a string of deal-making in the UK. Under the possible offer, shareholders of real estate investment trust Empiric would receive 30 pence in cash and 0.09 new Unite shares for each Empiric share held, for an implied value of 107 pence per share, the groups said. The potential transaction could add to a growing list of deals in the UK and within the country's REIT industry. Warehouse REIT agreed on Wednesday to sell itself, LondonMetric said in May it would buy Urban Logistics, while a host of American companies have also bid for British firms in recent weeks. Shares of Empiric, which focuses on premium, direct-let student accommodation in university towns and cities in the UK, surged to an eight-year high on Thursday, closing up 6.1% at 103.2 pence, but were still below the offer price. Meanwhile, Unite closed down 2.2% at 837 pence. The company said its proposal, a sweetened offer following its first approach in early May, also allows Empiric shareholders to retain a declared interim dividend of 0.925 pence per share for the quarter ended March 31. Empiric said the companies have entered a due diligence period. Under UK takeover rules, Unite has until July 3 to make a firm offer for Empiric or walk away. Unite said the potential acquisition would offer the combined group scale and enhance its appeal to students, particularly in those coming back and in those in postgraduate courses. "The addition of Empiric's high quality, complementary portfolio would create a combined group with enhanced scale and growth aligned to the UK's strongest universities," it said. Unite also divested properties worth 212 million pounds earlier in the day. It has accommodation around universities including University of Liverpool and Birmingham City University, while Empiric has facilities for the University of Glasgow and University of Edinburgh among others.
