| The Unite Group plc | |
| Type: | Public |
| Foundation: | 1991 |
| Founder: | Nicholas Porter |
| Location: | Bristol, England, UK |
| Industry: | Student accommodation |
| Products: | Student accommodation (halls of residence) |
| Services: | Property investment and development |
| Revenue: | £276.1 million (2023)[1] |
| Operating Income: | £154.7 million (2023) |
| Net Income: | £103.6 million (2023) |
| Num Employees: | 2,000 (2024)[2] |
| Key People: | Richard Huntingford (Chair) Joe Lister (CEO) Michael Burt (CFO) |
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.
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]
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]