29th Nov 2019 08:16
(Alliance News) - Student accommodation provider Unite Group PLC on Friday said it has completed the acquisition of Liberty Living Group, a subsidiary of the Canada Pension Plan Investment Board, or CPPIB.
Unite has issued 72.6 million shares at 25 pence each to Liberty Living to complete the deal. Unite will have 363.5 million shares in issue following the deal.
Unite shares were up 0.1% at 1,248.00 pence each in London on Friday morning.
Richard Smith, chief executive of Unite, said: "The deal will accelerate our earnings, driving meaningful accretion from 2020 onwards. It also gives us enhanced scale which, combined with our best-in-class operating platform, means we are well-placed to meet the substantial market opportunity from the 1.5 million students requiring accommodation each year."
Unite also said that Thomas Jackson, nominated by CPPIB, has been appointed as a non-executive director of the company.
By Tapan Panchal; [email protected]
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