Aiming at strengthening its presence in the UK private student housing market and enhancing its services, the Noida-based University Living made the move with StudentTenant, led by industry experts Adam Ormesher and Karl McKenzie.
“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 CEO at 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.”
This acquisition will now increase UL’s portfolio by more than 10,000 beds, 500,000 students, and 1000 landlords and letting agents in the UK, according to a statement by the company.
The move could also benefit the accommodation platform geographically as it will bolster its reach in Northwest and Northeast UK, including Sheffield, York, Durham, and Newcastle.
The headquarters in Canterbury would also enhance their presence in cities such as Luton, Northampton, and Hatfield.
Since the development, University Living and StudentTenant will be looking at a substantial share of the private Houses of Multiple Occupancy market, targeting a projected increase of 2-5% in market share by next year, 10% by 2027, and eventually aiming for 30% by 2030.
“In the face of evolving regulatory landscapes and economic challenges, this partnership highlights our commitment to providing tailored solutions that not only enhance ROI for landlords but also meet the diverse needs of students from around the world,” said Mayank Maheshwari, co-founder, and COO at 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
Saurabh Arora, University Living
According to UL, the collaboration will also support standalone landlords, letting agents, and property owners through innovative, technology-driven solutions.
These solutions include streamlined booking processes and comprehensive property management tools designed to optimise operational efficiency for landlords, including smooth viewing arrangements for students and rent collections for landlords via their proprietary property management system.
Dubbing the move as an ‘acquihire’, Adam Ormesher, who is managing director at StudentTenant, stated that both the companies have a shared commitment towards dominating the student housing market.
“We are thrilled to embark on this next chapter of StudentTenant’s journey with University Living. Together, we will build the largest and most dynamic student housing platform in the UK, driven by an aggressive vision and unwavering dedication to transforming the student housing ecosystem,” said Ormesher.