A PYMNTS Company

UK Regulator to Scrutinize £723m Student Housing Merger

By  |  September 16, 2025

The Competition and Markets Authority (CMA) is weighing whether to formally investigate Unite Group’s proposed £723 million acquisition of Empiric Student Property, according to a statement from the regulator. The watchdog confirmed it is gathering information and has invited interested parties to provide feedback on how the deal might affect competition in the student accommodation sector. Responses must be submitted by September 30.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The CMA’s invitation to comment marks the initial stage of a process that could escalate to a full investigation, per a statement from the regulator. The review focuses on potential impacts on lettings competition across the UK, particularly in areas where both companies have a significant presence.

    Unite Group, which pioneered purpose-built student housing in the UK after its launch in Bristol 34 years ago, controls a portfolio of roughly 25,000 bed spaces across more than 60 properties in nearly 20 university towns and cities. Empiric operates 7,685 bed spaces in 23 locations, with notable clusters in Bristol, Exeter, Bath, and Falmouth. Both companies hold multiple sites in Bristol, heightening concerns about market concentration.

    Read more: UK Competition Watchdog Opens Inquiry Into Global Payments’ $24 Billion Deal for Worldpay

    Unite first approached Empiric in May, but the approach only became public in June after speculation in the press prompted Empiric to disclose details via the London Stock Exchange. By August, Empiric’s board had agreed to Unite’s offer, under which shareholders are set to receive a mix of cash and new Unite shares. The deal places Empiric’s valuation at around 107.5 pence per share, equating to £723 million when dividends are included.

    On the markets, shares in FTSE 100-listed Unite edged up 0.3% to 718.68 pence, giving it a market capitalization of £3.52 billion. Empiric’s stock, listed on the FTSE 250, rose 0.6% to 91.40 pence, valuing the company at £607.1 million.

    Source: The Business Desk