Saba Capital reveals 5.1% Unite Group position
Activist hedge fund Saba Capital, led by Boaz Weinstein (pictured), has disclosed a 5.1% economic interest in Unite Group, making it one of the largest shareholders in the UK student accommodation provider as the company accelerates property disposals and returns capital to investors, according to a report by QuotedData.
Hedge fund Saba Capital has announced a 5.1% economic stake in Unite Group, positioning it among the top shareholders in the UK accommodation provider, according to regulatory filings. The majority of Saba's stake is comprised of total return swaps, held across various funds, such as the Saba Capital Income & Opportunities Fund, with a direct ownership of just 0.08%.
This investment positions Saba as Unite's fourth-largest shareholder, as reported by LSEG data. The move follows Unite's strategy of divesting properties and reducing exposure to less desirable assets, with proceeds aimed at share buybacks and returning capital to shareholders after a significant drop in stock price over the past five years.
Although Saba has not disclosed its plans for the investment, the timing coincides with Unite's shareholder base reduction by the Canada Pension Plan Investment Board, which decreased its stake to around 7% in June, leading its board representative Thomas Jackson to relinquish his non-executive director position. CPPIB had maintained a board seat since 2019, when Unite acquired Liberty Living from the Canadian pension fund.
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