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LONDON - Empiric Student Property plc has achieved 89% occupancy for the 2025/26 academic year, down from 95% in October 2024, according to a trading update released Monday by Unite Group PLC.
The student housing provider also reported like-for-like rental growth of 4.5%, with an increase in demand from UK domestic students partially offsetting a reduction in bookings from Chinese students.
Unite Group, which is in the process of acquiring Empiric, stated that the occupancy figures are slightly below their acquisition projections, while rental growth is meeting expectations. The company noted that additional letting activity is still expected for postgraduate courses beginning in Spring.
"We reaffirm our confidence in delivering earnings and dividend accretion from the acquisition, supported by anticipated annual run-rate synergies of at least £13.7 million," Unite stated in the press release.
The Competition and Markets Authority has begun its Phase 1 investigation following Empiric shareholders' approval of the transaction at meetings held on October 6. Unite expects the acquisition to be completed by the second quarter of 2026, pending satisfaction of remaining conditions.
Unite cited its previous acquisition of Liberty Living in 2019, where it achieved £18 million in annual synergies, as evidence of its ability to realize projected cost savings.
The company plans to host an event for institutional investors and analysts on November 27, which will include updates on the higher education sector, a review of the current sales cycle, and discussion of future investment plans.
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