Rival student landlords join forces in £723m merger

Two major student landlord groups are set to merge after a decline in international students.

Benjamin Moore
10th December 2025
Image credit: Benjamin Moore
Unite Group has agreed to acquire rival UK student landlord Empiric Student Property in a cash and stock deal. Shareholders of Empiric will receive 32p in cash and 0.085 shares of Unite for each share of Empiric. The deal initially valued Empiric at £723 million, however weakness in Unite’s share price has moved that valuation lower.

The move comes amid a worrying decline in international students attending British universities. Student visa applications for the year ending August 2025 were down 13% from their peak in 2023, according to home office data.

Student visa applications for the year ending August 2025 were down 13% from their peak in 2023...

The decline is attributable to changes in Government policy regarding dependants, which meant that most international students can now no longer bring family members to the UK. However, sponsored study visa main applicants in the year ending August 2025 were 2% higher than the year ending August 2024.

Unite and Empiric own ten major properties in Newcastle, including Wellington St Plaza and Metrovick House. Unite focuses on providing halls of residence, largely consisting of first year students. Whereas Empiric offers premium accommodation, catering to older and more affluent students, often from an international background.

Since the announcement of the merger both firms have observed a weakening in demand.

Since the announcement of the merger both firms have observed a weakening in demand. Unite saw a 3% decrease in bookings by foreign students, driven by stricter immigration rules introduced earlier this year. Empiric also signalled that recent policy proposals to decrease the graduate visa route from 24 to 18 months were weighing on international student demand.

Both firms remain optimistic about the future of UK universities, despite recent market worries. Their combined portfolio consists of locations surrounding predominantly Russell Group Universities, which are highly regarded on the international scene.

Outside of the US (which has been less than welcoming to international students as of late) the UK has more top ranked universities than any other country.

Sources:

Monthly monitoring of entry clearance visa applications, January 2025 - GOV.UK

Investors | Unite Group

Investors | Empiric Student Property

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