Business
Empiric Update
Unite Group PLC has announced that its acquisition of Empiric Student Property plc is now effective, adding a 7,700-bed portfolio to Unite's operations. While Empiric reported 89% occupancy for the 2025/26 academic year, this is slightly below Unite's initial appraisal, leading to lower than expected income in the first half of FY2026. Unite is confident in improving occupancy through its operational platform and expects to deliver at least £13.7 million in annual run-rate synergies, drawing on its prior experience with the Liberty Living acquisition. Disclaimer*
About this update from Unite Group Plc
[{"type":"text","content":"\n\nPRESS RELEASE\n28 January 2026\nTHE UNITE GROUP PLC\n(\"Unite Students\", \"Unite\", the \"Group\", or the \"Company\")\nEMPIRIC UPDATE\n \nUnite is pleased to note the announcement released today by Empiric Student Property plc (\"Empiric\") confirming that the scheme of arrangement in respect of Unite's acquisition of Empiric has become effective.\n \nThe acquisition of Empiric's high-quality 7,700-bed portfolio provides a platform in the attractive returner segment through the proven Hello Student brand. The acquisition delivers a significant increase in Unite's addressable market, enabling the Group to attract and retain students throughout their academic journey including the c.35,000 first-year students currently living with Unite.\n \nEmpiric current trading\nEmpiric has delivered occupancy of 89% for the 2025/26 academic year. Our appraisal of the acquisition of Empiric had assumed lower occupancy and rental growth for 2025/26 than expected by Empiric which was reflected in our offer terms. Empiric's overall lettings performance is modestly below these expectations, resulting in lower than expected income in the first half of FY2026.\n \nWe continue to see a significant opportunity to improve occupancy across the Empiric portfolio over the next two years through our operational platform, strong university relationships and enhanced customer retention among returning students.\n \nIntegration and cost synergies\nWe are well prepared for integration and remain confident in delivering annual run-rate synergies of at least £13.7 million. Our confidence in achieving our target cost savings is underpinned by our prior experience through the acquisition of Liberty Living in 2019, when we successfully delivered £18 million of annual synergies.\n \nENDS\n \nFor further information, please contact:\n \nUnite  ...