In a move set to reshape the British student accommodation market, Unite Students announced Thursday it will acquire rival Empiric Student Property PLC in a £723 million ($982 million) transaction, creating a colossal student housing operator with a combined £10.5 billion portfolio.
The deal, born after months of quiet courtship since May, merges Unite’s extensive network with Empiric’s niche focus on returning and postgraduate students—an underserved segment in the purpose-built accommodation sector.
A Bold Play in a Tight Housing Market
Unite Group PLC, a heavyweight listed on the FTSE 100, will absorb Empiric, which trades on the FTSE 250, through a mixed cash-and-stock offer valuing each Empiric share at 107.5 pence. The payment breakdown includes 0.085 new Unite shares and 32 pence in cash per Empiric share, granting Empiric shareholders a 10% stake in Unite.
With Britain facing a shortage of student beds, the timing is strategic. Knight Frank LLP reported a 1.3% annual rise in student applications in the first half of 2025, while only 1,609 new beds entered the market by June.
