The Unite Group Plc: Acquistion of Liberty Living Group Plc
The Unite Group plc (together with its subsidiary undertakings, the “Group”) today announces that it has agreed to acquire Liberty Living Group Plc (together with its subsidiary undertakings, “Liberty Living”) from Liberty Living Holdings Inc. (“CPPIB Holdco”), a wholly owned subsidiary of Canada Pension Plan Investment Board (“CPPIB”) (the “Acquisition”). The Liberty Living portfolio (defined below) is a high quality portfolio of purpose built student accommodation comprising 24,021 beds and was independently valued at £2.2 billion as at 31 May 2019.
The Acquisition has been priced on a NAV-for-NAV basis (subject to certain adjustments) for a total consideration of £1.4 billion. The consideration is comprised of a combination of cash and shares that will result in CPPIB Holdco receiving a stake of 20% in the Enlarged Group upon Completion.
Unite also today announces a proposed placing of 26,353,664 new ordinary shares (the “Placing”) to part fund the cash component of the Acquisition consideration.
Transaction highlights …..