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Unite Students

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The Unite Group plc
Company typePublic
IndustryStudent accommodation
Founded1991
FounderNicholas Porter
HeadquartersBristol, England, UK
Key people
Richard Huntingford (Chair)
Joe Lister (CEO)
Michael Burt (CFO)
ProductsStudent accommodation (halls of residence)
ServicesProperty investment and development
RevenueIncrease £276.1 million (2023)[1]
Increase £154.7 million (2023)[1]
Decrease £103.6 million (2023)[1]
Number of employees
2,000 (2024)[2]
Websitewww.unitegroup.com

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

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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]

By 2011 the business had grown to 40,000 beds. It remains the UK's largest provider of student accommodation by capacity,[10] but second to IQ Student Accommodation by value of its portfolio of property.[11]

In 2012 it founded charitable trust The Unite Foundation, which provides free accommodation and a cost-of-living allowance to students from "challenging circumstances".[12] 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.[13]

Unite Group converted to a real estate investment trust with effect from 1 January 2017.[14]

In November 2019, the Competition and Markets Authority approved the proposed acquisition by the company of its competitor, Liberty Living, for £1.4 billion.[15] The transaction was completed in December 2019.[16]

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.[17]

Operations

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The company provides residential accommodation to around 74,000 students across 123 buildings across the UK,[18] and is the largest and oldest PBSA provider in the country.[19]

Notable properties

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References

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  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 Students set for 399-bed Aberdeen development". Property Week. Retrieved 3 April 2015.
  11. ^ Curry, Rhiannon (18 February 2018). "RBS director to chair UK's largest student digs company". The Daily Telegraph. London. Retrieved 10 September 2018.
  12. ^ "About Us". unitefoundation.co.uk. Retrieved 3 April 2015.
  13. ^ "Home for Success". unite-group.co.uk. Retrieved 3 April 2015.
  14. ^ "Notice of General Meeting for REIT Conversion and Trading Update". unite-group.co.uk. Retrieved 6 November 2017.
  15. ^ 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.
  16. ^ Beech, Adam (29 November 2019). "Unite Group Completes Liberty Living Acquisition". Insider Media. Retrieved 15 April 2020.
  17. ^ Wearden, Graeme (2 June 2022). "ITV and Royal Mail to drop out of FTSE 100 in reshuffle". The Guardian. Retrieved 2 June 2022.
  18. ^ "Higher Education". Unite Students. 7 July 2021.
  19. ^ "Unite snaps up Cordea Savills' £137m student housing portfolio". Financial Times. London. Retrieved 3 April 2015.
  20. ^ "Grand Central". Emporis. Archived from the original on 3 June 2007. Retrieved 29 March 2010.
  21. ^ "Worlds Tallest Student Block Completes in Leeds". Skyscraper News. 26 June 2009. Retrieved 17 March 2012.
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