Unite Group PLC, the UK’s leading provider of purpose-built student accommodation, today announced it has agreed to acquire Empiric Student Property PLC in a cash-and-share transaction valued at up to £723 million, including pre-completion dividends. The deal is expected to complete in Q2 2026, subject to shareholder and regulatory approvals.

Under the terms of the agreement, Empiric shareholders will receive 32p in cash and 0.085 new Unite shares per Empiric share, representing an equivalent value of 107.5p per share. Upon completion, Empiric shareholders will own approximately 10% of the enlarged Unite Group.

The combined business will own and operate a £10.5 billion portfolio comprising around 75,000 beds, with 92% located in cities hosting Russell Group universities. This positions Unite as the largest student landlord in the UK, reinforcing its FTSE 100 status.

Empiric’s focus on accommodation for postgraduate and returner students, a segment largely untapped by Unite, will represent around 11% of the new group’s value, with potential growth to 20%. This strategic addition expands Unite’s offering and diversifies its customer base.

Unite expects the acquisition to deliver annual cost synergies of £13.7 million and to be earnings-accretive. The combined group will maintain a strong balance sheet, with a pro forma net loan-to-value of 29% and £570 million of undrawn debt facilities. Empiric’s existing debt arrangements will be retained on current terms.