Student housing giant says purchase will see it continue 2,000-bed-per-year development programme

Student housing provider Unite has received competition authority sign-off for its proposed £1.4bn purchase of rival firm Liberty Living.

Architecture PLB's approved Aldgate proposals for Unite Students

Architecture PLB’s approved Aldgate proposals for Unite Students

Unite said that the UK Competition and Markets Authority had unconditionally approved the buyout of Liberty from its existing owner, Canadian pension fund CPPIB.

The acquisition will add more than 24,000 student beds to Unite’s existing stock, giving it control of 73,000 student beds when the deal goes through.

Unite has also said the acquisition will give it the scale to continue a 2,000-bed-per-year development programme of new stock. Richard Smith, chief executive of Unite Students, said it would be a “transformative” acquisition for the group. “The enlarged group will be well positioned to meet the growing need for affordable, high quality student accommodation in university towns and cities where demand is strong.”

The firm said the acquisition will now take place at the end of November.

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