Canada Pension Plan Investment Board (CPP Investments) has halved its stake in Unite Group to 7%, ending its board representation at the UK student accommodation company.
The Canadian investor, through its CPPIB European Student RE Holdings entity, has reduced its stake in the student housing firm from 14% to 7.06%.
In response, Unite noted the reduction in the shareholding to 7% and announced that Thomas Jackson, CPPIB’s nominated director, will step down as a non-executive director with immediate effect.
Jackson joined the board following the group’s 2019 acquisition of Liberty Living from CPP Investments.
The appointment was part of a relationship agreement allowing the Canadian pension manager to nominate a non-executive director as long as its shareholding remained above 10%.
Jackson said: “It has been a pleasure to serve on the Unite board since the acquisition of Liberty Living. CPP Investments values its constructive relationship with Unite and remains supportive of its strategic priorities.”
Richard Huntingford, Unite Group chair, said: “On behalf of the board, I would like to thank Tom for his valued contributions and support to the group as it has evolved its strategy over the past six and a half years.
“We have benefited significantly from his experience in student accommodation and the wider real estate investment and capital markets.”
Unite Group is listed in London and has a market capitalisation of £2.62bn (€3bn).
As the UK’s largest owner, manager and developer of purpose-built student accommodation, Unite operates the Unite Students and Hello Student brands. The group provides homes for 72,000 students across 208 properties in 29 university towns and cities.
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