Unite’s £1.4bn Liberty Living takeover gains CMA approval

Student housing provider Unite Group has received unconditional clearance from the Competition and Markets Authority to proceed with its £1.4bn acquisition of Liberty Living’s UK assets from CPPIB. The deal will now complete at the end of November. The combined group will manage 75,000 student beds across 175 properties in 27 UK towns and cities, with a total portfolio valuation of around £5.2bn. Richard Smith, chief executive of Unite, and Joe Lister, chief financial officer of Unite, will continue in their respective roles in the combined group. CPPIB’s Thomas Jackson will hold a non-executive role on the board. Smith said: “This is a transformative acquisition which brings together the best of two companies with a wealth of expertise and experience in delivering for students and university partners. “The enlarged group will be well positioned to meet the growing need for affordable, high quality student accommodation in university towns and cities where demand is strong.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette