Transaction Overview - Unite Students is acquiring Empiric Student Property through a cash and share offer of 94.2 pence per Empiric share[6] - The offer consists of 0.085 new Unite shares and 32 pence in cash for each Empiric share[6] - The combined portfolio will have a value of £7.4 billion with 75,000 beds[6] - Empiric shareholders will own 10% of the enlarged Unite Group upon completion[34] Financial Benefits and Synergies - The acquisition is expected to be accretive to earnings and shareholder returns from the second year onwards[6] - £13.7 million in cost synergies are expected to be unlocked through Unite's operating platform[6] - The acquisition is expected to deliver a low double-digit unlevered IRR ahead of Unite's cost of capital, supporting total accounting returns of approximately 10% per annum[6] - Approximately 55% of the £13.7 million annual run-rate benefit is expected to be realized in the first full year following completion[21, 80] Portfolio and Market Expansion - The combined portfolio will include 75,000 beds across 30 cities[11] - The acquisition allows Unite to enter two new Russell Group cities: Exeter and York[11] - The acquisition provides immediate scale in the Returner market, acquiring approximately 20% below replacement cost[18] Financial Position - Pro forma loan to value (LTV) is expected to be 29%[23] - Empiric's H1 2025 EPRA earnings were £14.3 million[26]

Core Insights - The article highlights the increasing demand for student accommodation in Melbourne as international students prepare for their studies in Australia, emphasizing the importance of securing suitable housing before arrival [1][10]. Group 1: Accommodation Options - Iglu is a well-known student accommodation brand in Australia, offering four main projects in Melbourne: Iglu Melbourne Central, Iglu Melbourne City, Iglu Flagstaff Gardens, and Iglu South Yarra, catering to various universities and student needs [1][13]. - Iglu Melbourne Central is strategically located in the CBD, within walking distance to RMIT and Melbourne University, featuring modern amenities that support students' academic and social needs [3]. - Iglu Melbourne City is a mature project favored by upper-year students, providing a stable living environment with a focus on quietness and order, ideal for those facing academic pressures [5]. - Iglu Flagstaff Gardens offers a tranquil setting near Melbourne University, combining accessibility to public transport with a peaceful atmosphere, suitable for students prioritizing a conducive study environment [7]. - Iglu South Yarra is recommended for Monash University Caulfield students, providing a cost-effective option with convenient transport links and a vibrant local community [9]. Group 2: Booking and Services - As new students prepare to arrive, Iglu's properties are entering a peak booking period, with popular room types often fully booked in advance, highlighting the urgency for prospective tenants to secure accommodations [10]. - Iglu operates on an all-inclusive pricing model, covering utilities, internet, furniture, and maintenance, which simplifies the rental process for new arrivals [11]. - The accommodations feature 24-hour security, front desk management, and regular social and cultural events, facilitating a smooth transition for students into their new environment [13].

Group 1 - The core message emphasizes the importance of early booking for student accommodation in Australia, particularly for the second semester of 2025, as Iglu apartments have opened applications for this period [1][3]. - The competitive nature of the accommodation market in popular study cities like Sydney and Melbourne is highlighted, with a recommendation to apply early to secure preferred housing options and better pricing [3][6]. - Iglu offers a variety of room types to cater to different student needs, including private rooms for those seeking solitude and shared accommodations for budget-conscious students [6][8]. Group 2 - Iglu Central Park and Iglu Melbourne Central are noted as prime locations in the CBD areas of Sydney and Melbourne, providing easy access to major universities and urban amenities [5][6]. - Other Iglu properties, such as Iglu Summer Hill, Iglu Chatswood, and Iglu Mascot, are presented as high-value alternatives located in convenient areas with lower rental costs compared to CBD options, making them ideal for students looking to save money without compromising on quality [8][10]. - The overall message encourages students to take action now to secure their accommodation for a smooth transition into their study life in Australia, as the best options are likely to be taken quickly [10].