Unite Students

British real estate company

  • LSE: UTG
  • FTSE 100 component
IndustryStudent accommodationFounded1991FounderNicholas PorterHeadquartersBristol, England, UK
Key people
Phil White CBE, (Chairman)
Richard Smith (CEO)
Joe Lister (CFO)ProductsStudent accommodation (halls of residence)ServicesProperty investment and developmentRevenueIncrease £276.1 million (2023)[1]Increase £154.7 million (2023)[1]
Net income
Decrease £103.6 million (2023)[1]
Number of employees
2,000 (2024)[2]Websitewww.unite-group.co.uk

The Unite Group (trading as Unite Students) provides purpose built student accommodation (PBSA) across the United Kingdom.

The company is listed on the London Stock Exchange as a constituent of the FTSE 100 Index.

History

A Unite Students facility near Tottenham Hale station

The Unite Group was founded by Nicholas Porter in Bristol, England, in 1991.[3] Aged 21 and following research with the University of the West of England, he recognised a growing demand for student accommodation.[4] After a period of expansion within Bristol, in 1998 Unite opened its first properties in London. It listed on the Alternative Investment Market the following year.[5]

In 2000 the business moved its share register to the London Stock Exchange, and opened properties in Manchester, Liverpool and Portsmouth.[6] During the following decade, Unite created investment vehicles to secure growth in London, across England and into Scotland. Of these vehicles, The Unite UK Student Accommodation Fund (USAF[7]) is Europe's largest fund focusing solely on direct-let student accommodation.[8] In 2006, Porter announced he was stepping down as chief executive. He was succeeded at the end of the year by chief financial officer Mark Allan.[9]

Former National Express chief executive Phil White became non-executive chairman in May 2009, succeeding Geoffrey Maddrell, after ten years in the role.[10] By 2011 the business had grown to 40,000 beds. It remains the UK's largest provider of student accommodation by capacity,[11] but second to IQ Student Accommodation by value of its portfolio of property.[12]

In 2012 it founded charitable trust The Unite Foundation, which provides free accommodation and a cost-of-living allowance to students from "challenging circumstances".[13] In April 2014 Unite renamed itself "Unite Students". Simultaneously, it launched its "Home for Success" corporate philosophy; which it describes as its "business purpose". The Home for Success announcement included a £40m reinvestment of profits into the business and 16 "signature commitments", all of which relate to an improved student experience.[14]

Unite Group converted to a real estate investment trust with effect from 1 January 2017.[15]

In November 2019, the Competition and Markets Authority approved the proposed acquisition by the company of its competitor, Liberty Living, for £1.4 billion.[16] The transaction was completed in December 2019.[17]

On 1 June 2022, it was announced that it will be promoted from the FTSE 250, and became a constituent of the FTSE 100 Index effective on 20 June.[18]

Operations

The company provides residential accommodation to around 74,000 students across 123 buildings across the UK,[19] and is the largest and oldest PBSA provider in the country.[20]

Notable properties

References

  1. ^ a b c "Annual Results 2023" (PDF). Unite Students. Retrieved 28 February 2024.
  2. ^ "Unite Students". Bright Network. Retrieved 12 February 2024.
  3. ^ "Bristol Post Business Awards: Unite Students take top award". South West Business. 6 July 2016. Retrieved 28 April 2017.
  4. ^ "Nicholas Porter – The Sunday Times". thesundaytimes.co.uk. Archived from the original on 22 December 2014. Retrieved 3 April 2015.
  5. ^ "DTZ loses Bristol director to student housing specialist". Radius Data Exchange. 9 June 1999. Retrieved 3 March 2021.
  6. ^ "Our story so far". Unite Students. Retrieved 3 April 2015.
  7. ^ "UNITE UK Student Accommodation Fund". aref.org.uk. Retrieved 29 March 2020.
  8. ^ "Bedell". bedellgroup.com. Retrieved 3 April 2015.
  9. ^ "Student digs chief steps down with honours". Property Week. Retrieved 3 April 2015.
  10. ^ "Unite Group taps Phil White as new chairman". propertyeu.info. Retrieved 3 April 2015.
  11. ^ "Unite Students set for 399-bed Aberdeen development". Property Week. Retrieved 3 April 2015.
  12. ^ Curry, Rhiannon (18 February 2018). "RBS director to chair UK's largest student digs company". The Daily Telegraph. London. Retrieved 10 September 2018.
  13. ^ "About Us". unitefoundation.co.uk. Retrieved 3 April 2015.
  14. ^ "Home for Success". unite-group.co.uk. Retrieved 3 April 2015.
  15. ^ "Notice of General Meeting for REIT Conversion and Trading Update". unite-group.co.uk. Retrieved 6 November 2017.
  16. ^ Clark, Jessica (6 November 2019). "Competition and Markets Authority approves £1.4bn Unite Students acquisition of Liberty Living". City A.M. Retrieved 15 April 2020.
  17. ^ Beech, Adam (29 November 2019). "Unite Group Completes Liberty Living Acquisition". Insider Media. Retrieved 15 April 2020.
  18. ^ Wearden, Graeme (2 June 2022). "ITV and Royal Mail to drop out of FTSE 100 in reshuffle". The Guardian. Retrieved 2 June 2022.
  19. ^ "Higher Education". Unite Students. 7 July 2021.
  20. ^ "Unite snaps up Cordea Savills' £137m student housing portfolio". Financial Times. London. Retrieved 3 April 2015.
  21. ^ "Grand Central". Emporis. Archived from the original on 3 June 2007. Retrieved 29 March 2010.
  22. ^ a b "Worlds Tallest Student Block Completes in Leeds". Skyscraper News. 26 June 2009. Retrieved 17 March 2012.

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