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Unite Students
British real estate company From Wikipedia, the free encyclopedia
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The Unite Group (trading as Unite Students) is a British developer, owner and operator of purpose built student accommodation (PBSA).[3] The company is listed on the London Stock Exchange as a constituent of the FTSE 100 Index.
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History
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The Unite Group was founded by Nicholas Porter in Bristol, England, in 1991.[4] Aged 21 and following research with the University of the West of England, he recognised a growing demand for student accommodation.[5] After a period of expansion within Bristol, in 1998 Unite opened its first properties in London. It listed on the Alternative Investment Market the following year.[6]
In 2000 the business moved its share register to the London Stock Exchange, and opened properties in Manchester, Liverpool and Portsmouth.[7] During the following decade, Unite created investment vehicles to secure growth in London, across England and into Scotland. Of these vehicles, The Unite UK Student Accommodation Fund (USAF[8]) is Europe's largest fund focusing solely on direct-let student accommodation.[9] In 2006, Porter announced he was stepping down as chief executive. He was succeeded at the end of the year by chief financial officer Mark Allan.[10]
By 2011 the business had grown to 40,000 beds. It remains the UK's largest provider of student accommodation by capacity,[11] but second to IQ Student Accommodation by value of its portfolio of property.[12]
In 2012 it founded charitable trust The Unite Foundation, which provides free accommodation and a cost-of-living allowance to students from "challenging circumstances".[13] In April 2014 Unite renamed itself "Unite Students". Simultaneously, it launched its "Home for Success" corporate philosophy; which it describes as its "business purpose". The Home for Success announcement included a £40m reinvestment of profits into the business and 16 "signature commitments", all of which relate to an improved student experience.[14]
Unite Group converted to a real estate investment trust with effect from 1 January 2017.[15]
In November 2019, the Competition and Markets Authority approved the proposed acquisition by the company of its competitor, Liberty Living, for £1.4 billion.[16] The transaction was completed in December 2019.[17]
On 1 June 2022, it was announced that it will be promoted from the FTSE 250, and became a constituent of the FTSE 100 Index effective on 20 June.[18]
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Operations
As of 2024[update], the company provides residential accommodation to around 68,000 students across 152 buildings across the UK,[3] and is the largest and oldest PBSA provider in the country.[19]
In addition to owning a portfolio of its own properties, Unite operates properties on behalf of two investment funds that it part owns:[20]
- UK Student Accommodation Fund (USAF), which has a portfolio of 61 properties, owned by a consortium of investors (29% Unite).
- London Student Accommodation (LSAV), which has a portfolio of 14 properties, owned 50:50 by Unite and GIC (Singapore's sovereign wealth fund).
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Properties
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References
External links
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