Canada Pension Plan Investment Board’s £1.4 Billion Sale Of Liberty Living Group plc To Unite Group plc

Clifford Chance has advised the Canada Pension Plan Investment Board on the sale of Liberty Living Group Plc to London listed Unite Group plc in a transaction which enhances Unite’s position as a leading operator in UK student accommodation.

The transaction, which is subject to various conditions, is a transformative one for Unite, adding Liberty Living’s high quality portfolio of purpose built student accommodation with 24,021 beds and an independent valuation of £2.2 billion as at 31 May 2019 to Unite’s portfolio of 48,815 beds across 122 properties with an independent valuation of £3.2 billion as at 31 March 2019 on a see-through basis.

Liberty Living is one of the UK’s largest privately owned providers of purpose-built student accommodation.

The Unite Group Plc is a London Stock Exchange listed Real estate investment trust and a constituent of the FTSE 250 Index.

The Clifford Chance team was led by London Corporate Partner and Co-Head of the Real Estate Sector, Adrian Levy (Picture) with the support of Partner, Simon Thomas (ECM), who advised on the public market documentation and ECM aspects of the transaction and Partner Catherine Cook (Real Estate) together with a team from CMS, advised on the property aspects. The associate team was led by Corporate senior associate James Lloyd-Thomas and associate Edwin Wong, with assistance from Capital Markets senior associates Ben Morgan and Obinna Nwachukwu and Real Estate senior associate Angela Shepherd. Partner & London Head of Antitrust Greg Olsen and senior associate Annagiulia Zanazzo advised in connection with antitrust issues, Partner Chinwe Odimba-Chapman and senior associate Amy Bird advised on all employment aspects and Partner David Saleh and senior associate Edward Page advised on tax aspects.

Involved fees earner: Amy Bird – Clifford Chance; Catherine Cook – Clifford Chance; Adrian Levy – Clifford Chance; James Lloyd-Thomas – Clifford Chance; Benjamin Morgan – Clifford Chance; Obinna Nwachukwu – Clifford Chance; Chinwe Odimba-Chapman – Clifford Chance; Greg Olsen – Clifford Chance; Edward Page – Clifford Chance; David Saleh – Clifford Chance; Angela Shepherd – Clifford Chance; Simon Thomas – Clifford Chance; Edwin Wong – Clifford Chance; Annagiulia Zanazzo – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Canada Pension Plan Investment Board;