The Unite Group (trading as Unite Students) is a British developer, owner and operator of purpose built student accommodation (PBSA).[3] The company is listed on the London Stock Exchange as a constituent of the FTSE 100 Index.
The Unite Group was founded by Nicholas Porter in Bristol, England, in 1991.[4] Aged 21 and following research with the University of the West of England, he recognised a growing demand for student accommodation.[5] 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.[6]
In 2000 the business moved its share register to the London Stock Exchange, and opened properties in Manchester, Liverpool and Portsmouth.[7] 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[8]) is Europe's largest fund focusing solely on direct-let student accommodation.[9] 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.[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]
As of 2024[update], the company provides residential accommodation to around 68,000 students across 152 buildings across the UK,[3] and is the largest and oldest PBSA provider in the country.[19]
In addition to owning a portfolio of its own properties, Unite operates properties on behalf of two investment funds that it part owns:[20]
| Image | Property | Location | Beds | Portfolio | Acquired or completed | Divested | Notes |
|---|---|---|---|---|---|---|---|
|
Artisan Heights | Manchester | 603 | 2020 | Purpose built by Unite.[21] | ||
|
Broadcasting Tower | Leeds | 241 | USAF | 2015 | Developed by Downing in 2009, acquired by USAF in 2015.[22] | |
|
Bridgewater Heights | Manchester | 525 | 2020 | Part of the acquisition of Liberty Living.[23] | ||
|
Dorset House | Oxford | 313 | 2024 | Purpose built by Unite.[24] | ||
|
Grand Central | Liverpool | 1,210 | 2003 | Purpose built by Unite.[25] | ||
|
Marketgate | Bristol | 505 | 2001 | Converted from a 1970 office building by Unite for £4M.[26] | ||
|
Newgate Court | Newcastle upon Tyne | 575 | 2018 | Purpose built by Unite for £32M.[27] | ||
|
Rushford Court | Durham | 363 | 2018 | Mix of purpose built and renovation by Unite.[28] | ||
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|
Sky Plaza | Leeds | 533 | 2009 | Purpose built by Unite.[29] | ||
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|
Tŷ Pont Haearn | Cardiff | 642 | 2020 | Part of the acquisition of Liberty Living.[30] |
|
