Nick Porter, the founder and deputy chairman of student accommodation provider Unite Group, has raised £21m from the sale of 4.5 million shares in the company

The shares, which represent 3.66% of Unite’s share capital, were sold at 466.5p each.

Porter’s stake has been reduced to 2.48%, but he said today that he had no intention of reducing this holding within the next 12 months.

Today’s sale is the third-largest tranche that Porter has sold since he announced in March that he was stepping down as chief executive of the company he founded in 1991 at the age of just 21.

In June, he sold 3.4 million shares, and in September, a further 1 million, which made him a combined £17m.