CPPIB Holdco lowers stake in Unite Group

(Sharecast News) - Student accommodation provider Unite Group said on Tuesday that CPPIB Holdco has cut its stake in the company to 7%, triggering the departure of its nominated board representative, Thomas Jackson.

Unite said Jackson had stepped down as a non‑executive director with immediate effect. He joined the board in 2019 following Unite's acquisition of Liberty Living from CPPIB, under a relationship agreement that allowed the Canadian investor to appoint a director while its shareholding remained above 10%.

With CPPIB's holding now below that threshold, Unite said the entitlement no longer applies.

Unite chairman Richard Huntingford 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."

As of 0830 BST, Unite shares were down 0.69% at 505p.

Reporting by Iain Gilbert at Sharecast.com

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