University Living, which is backed by Angel investment platforms IAN and LetsVenture, Friday said it has acquired a 51% stake in StudentTenant, a UK-based student accommodation services firm.
The company, however, didn’t disclose the financial details of the transaction.
The National Capital Region-headquartered company said the acquisition will strengthen its presence in the UK's private student housing market and enhance its services for students worldwide.
University Living currently offers two million beds in over 515 student-centric cities spanning the UK, Ireland, Australia, Europe, USA, and Canada, among other countries in the world.
It claims to have assisted 2 million students to date from over 110 nationalities, having clocked a gross booking value of more than $500 million in the eight years of its operations.
StudentTenant has over a decade of experience in the private rental sector. The firm is led by industry experts Adam Ormesher and Karl McKenzie.
“This acquisition strengthens University Living’s portfolio by more than 10,000 beds, 500,000 students, and 1000 landlords and letting agents in the UK,” said University Living. “Geographically, the strategic move bolsters University Living's reach across key UK regions, especially in the Northwest & Northeast including Sheffield, York, Durham, Newcastle.”
University Living and StudentTenant aim to secure a substantial share of the private HMO (house in multiple occupations) market. The two are targeting a projected increase of 2-5% in market share by next year, with a goal of reaching 10% by 2027 and eventually aiming for 30% of the market share by 2030.
“We are enthusiastic about the potential of this partnership with StudentTenant to strengthen our association with universities, and contribute positively to the entire student accommodation ecosystem," said Saurabh Arora, founder and chief executive officer, University Living. "By combining their local market insights with our global expertise, we aim to set new standards in student housing together in the UK.”
