The Unite Group (trading as Unite Students) provides purpose built student accommodation (PBSA) across the United Kingdom.
 | |
| Company type | Public |
|---|---|
| Industry | Student accommodation |
| Founded | 1991 |
| Founder | Nicholas Porter |
| Headquarters | Bristol, England, UK |
Key people | Richard Huntingford (Chair) Joe Lister (CEO) Michael Burt (CFO) |
| Products | Student accommodation (halls of residence) |
| Services | Property investment and development |
| Revenue |  £276.1 million (2023)[1] |
| £154.7 million (2023)[1] | |
 £103.6 million (2023)[1] | |
Number of employees | 2,000 (2024)[2] |
| Website | www |
The company is listed on the London Stock Exchange as a constituent of the FTSE 100 Index.
History
edit
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
editThe 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
editReferences
edit- ^ a b c "Annual Results 2023" (PDF). Unite Students. Retrieved 28 February 2024.
- ^ "Unite Students". Bright Network. Retrieved 12 February 2024.
- ^ "Bristol Post Business Awards: Unite Students take top award". South West Business. 6 July 2016. Retrieved 28 April 2017.
- ^ "Nicholas Porter – The Sunday Times". thesundaytimes.co.uk. Archived from the original on 22 December 2014. Retrieved 3 April 2015.
- ^ "DTZ loses Bristol director to student housing specialist". Radius Data Exchange. 9 June 1999. Retrieved 3 March 2021.
- ^ "Our story so far". Unite Students. Retrieved 3 April 2015.
- ^ "UNITE UK Student Accommodation Fund". aref.org.uk. Retrieved 29 March 2020.
- ^ "Bedell". bedellgroup.com. Retrieved 3 April 2015.
- ^ "Student digs chief steps down with honours". Property Week. Retrieved 3 April 2015.
- ^ "Unite Students set for 399-bed Aberdeen development". Property Week. Retrieved 3 April 2015.
- ^ Curry, Rhiannon (18 February 2018). "RBS director to chair UK's largest student digs company". The Daily Telegraph. London. Retrieved 10 September 2018.
- ^ "About Us". unitefoundation.co.uk. Retrieved 3 April 2015.
- ^ "Home for Success". unite-group.co.uk. Retrieved 3 April 2015.
- ^ "Notice of General Meeting for REIT Conversion and Trading Update". unite-group.co.uk. Retrieved 6 November 2017.
- ^ 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.
- ^ Beech, Adam (29 November 2019). "Unite Group Completes Liberty Living Acquisition". Insider Media. Retrieved 15 April 2020.
- ^ Wearden, Graeme (2 June 2022). "ITV and Royal Mail to drop out of FTSE 100 in reshuffle". The Guardian. Retrieved 2 June 2022.
- ^ "Higher Education". Unite Students. 7 July 2021.
- ^ "Unite snaps up Cordea Savills' £137m student housing portfolio". Financial Times. London. Retrieved 3 April 2015.
- ^ "Grand Central". Emporis. Archived from the original on 3 June 2007. Retrieved 29 March 2010.
{{cite web}}: CS1 maint: unfit URL (link) - ^ "Worlds Tallest Student Block Completes in Leeds". Skyscraper News. 26 June 2009. Retrieved 17 March 2012.