LONDON (dpa-AFX) - The Unite Group plc (UTG.L) announced the acquisition of Liberty Living Group Plc from a subsidiary of Canada Pension Plan Investment Board. The Liberty Living group is a leading owner and operator of privately owned purpose built student accommodation in the UK. The Liberty Living portfolio consists of 24,021 beds across 51 properties in 19 university towns and cities across the UK. Total consideration for the acquisition was 1.4 billion pounds, comprising cash of 0.8 billion pounds and shares of 0.6 billion pounds. The CPPIB Holdco will hold a stake of 20% in the enlarged Group.
The Board of the Unite Group believes the acquisition will be materially accretive to earnings from the year ending 31 December 2020 onwards. Regarding dividend policy, Unite said it is planning to maintain dividend payout at 85% of EPRA EPS.
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