Unite Group PLC (“Unite”) is pleased to announce that shareholders have approved the proposed merger with Empiric Student Property PLC (“Empiric”), a £723 million transaction set to create one of the UK’s largest student accommodation providers.

The acquisition received strong support at both the court meeting, where just under 71% of votes were in favor, and the general meeting, where over 86% of shareholders approved the deal.

Under the terms of the merger, Empiric shareholders will receive 0.085 of a new Unite share plus 32p in cash per share. This structure values Empiric at approximately £634 million in shares, plus dividends, bringing the total transaction value to £723 million. Upon completion, Empiric shareholders are expected to hold around 10% of the enlarged group, with existing Unite shareholders retaining 90%.

The combined portfolio will expand to approximately £10.5 billion, encompassing around 75,000 student beds, predominantly in key university cities, with 92% located in Russell Group university locations.

Completion of the transaction remains subject to the satisfaction of remaining conditions, including Competition & Markets Authority clearance and court sanction, with full completion expected in the first half of 2026.