Unite Makes £710M Offer For Rival As Lone Star Buys Into Student Sector

Unite Makes £710M Offer For Rival As Lone Star Buys Into Student Sector

Unite, the UK’s largest owner of student accommodation, has made a takeover offer for smaller listed rival Empiric Student Property that values the company at about £710M. Unite has offered £1.07 a share for Empiric, the latter said in a statement on 5 June. That is a 10% premium to Empiric’s share price before the offer was announced, and a discount of the same amount to Empiric’s net asset value.  Empiric said that it had entered into due dili…

Quilter Cheviot: Yet more consolidation in UK REITs as Unite swoops on Empiric - Wealth DFM

Following the news that Unite Group has made an offer to acquire Empiric, Oli Creasey, head of property research at Quilter Cheviot, has weighed in on this potential development. “Today’s announcement of a possible tie-up between Unite Group and Empiric Student Property is the latest in a string of M&A transactions in the publicly listed property space, with Care REIT, Urban Logistics REIT, Warehouse REIT, Tritax Eurobox, and Assura PLC either r…

Unite in for Empiric Student Property

Student accommodation specialist Unite Group has tabled an offer for its smaller peer Empiric Student Property. Following media speculation, the board of Empiric confirmed that it received a non-binding proposal from Unite on 7 May and following a period of engagement received a revised offer on 29 May. That offer comprises 30p in cash and […]

Student accommodation provider reports slowdown in reservations

Student accommodation provider Empiric Student Property has reported a slowdown in reservations for the forthcoming academic year.