TIDMESP
RNS Number : 9447L
Empiric Student Property PLC
07 October 2016
7 October 2016
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
Empiric acquires a portfolio of five student accommodation
assets in Exeter, Leicester and Portsmouth
The Board of Empiric Student Property plc (ticker: ESP), the
owner and operator of premium student accommodation across the UK,
is pleased to announce that the Group has acquired the freeholds of
five operating properties, one in Exeter, two in Leicester and two
in Portsmouth, with a total of 464 beds, for an aggregate cash
consideration of GBP26.69 million (excluding acquisition costs)
from assets managed by LaSalle Investment Management.
All the properties were fully let for the 2015/16 academic year
and are 100% pre-let for the 2016/17 academic year. The operations
are currently managed by Campbell Property which will continue to
manage the properties on behalf of the Group before operations are
integrated onto the Hello Student(R) operating platform.
Bishop Blackall School (GBP8.02 million) - Exeter
Bishop Blackall School, Exeter, was converted in 2011 from an
Edwardian school and headmaster's house into a direct-let student
accommodation property with 113 beds across a mix of two to eight
bedroom apartments, each of which has its own kitchen and living
area. The property is a 10 minute walk to the University of Exeter
campus and seven minutes from the city centre. It is within easy
reach of Empiric's six other properties in the city, facilitating
operational economies of scale.
The Hosiery Factory (GBP5.61 million) and The Shoe and Boot
Factory (GBP8.86 million) - Leicester
The Hosiery Factory, Leicester, which was converted in 2015, is
a direct-let student accommodation property with 107 beds across a
mix of three to nine bedroom apartments, each of which has its own
kitchen and living area.
The Shoe and Boot Factory, Leicester is a direct-let student
accommodation property with 173 beds across a mix of four to eight
bedroom apartments, each of which has its own kitchen and living
area. The building was converted from the original factory in 2013
and retains many of the original features. Two new build structures
have created a courtyard amenity space.
The properties, which are located opposite each other, are well
situated in the city centre, a three minute walk to De Montford
University and a 15 minute walk to the University of Leicester, and
within easy reach of Empiric's other five properties in the city,
facilitating operational economies of scale.
Elm Grove Library (GBP1.11 million) and Kingsway House (GBP3.09
million) - Portsmouth
Elm Grove Library, Portsmouth, which was converted from a former
library building in 2012, is a direct-let student accommodation
property with 19 beds across a mix of three to five bedroom
apartments, each of which has its own kitchen and living area.
Kingsway House, Portsmouth, is a direct-let student
accommodation property with 52 beds across a mix of three, four,
seven and eight bedroom apartments, each of which has its own
kitchen and living area. The building was converted from a former
NHS office building in 2014 and has been redesigned to create a
central living area, with the original concrete cladding having
been replaced with a more modern façade.
The properties, which are located opposite each other, are
situated in the student hub in Southsea, a 15 minute walk to the
University of Portsmouth and a 20 minute walk to the Gunwharf Quays
shopping centre.
Paul Hadaway, Chief Executive of Empiric Student Property plc,
commented:
"The acquisition of this portfolio increases our presence in
Exeter to approximately 595 beds across seven properties, in
Leicester to 560 beds across seven properties and in Portsmouth to
354 across four properties. The purchase of small, complementary
portfolios of properties enables us to deploy the Group's capital
in a more cost efficient manner, the benefit of which accrues to
our shareholders. This acquisition is in line with Empiric's
investment criteria and returns profile."
For further information on the Company, please contact:
Empiric Student Property plc (via Newgate below)
Paul Hadaway (Chief Executive)
Tim Attlee (Chief Investment
Officer)
Michael Enright (Chief Financial
Officer)
Akur Limited (Joint Financial Tel: 020 7493 3631
Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant
Jefferies International Limited Tel: 020 7029 8000
(Joint Financial Adviser and
Broker)
Gary Gould
Stuart Klein
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: empiric@newgatecomms.com
Zoe Pocock
Alex Shilov
Lydia Thompson
Further information on Empiric can be found on the Company's
website at www.empiric.co.uk.
Notes:
Empiric Student Property plc is a leading provider and operator
of modern, direct-let, premium student accommodation across the UK
and is committed to providing shareholders with regular,
sustainable and growing (at least in line with RPI) dividends,
together with the potential for capital appreciation over the
medium to long term. Investing in both operating and development
assets, the Company focuses on quality, with assets generally in
prime central locations in top university cities and towns in the
UK, attracting international students and/or those studying beyond
first year, in particular, postgraduates. For the 2015/16 academic
year, Empiric's customer base comprises 69% international students
from 98 countries. 78% of the Company's customers are students
beyond their first year of study.
The Company, an internally managed real estate investment trust
("REIT") incorporated in England and Wales, listed on the premium
listing segment of the Official List of the Financial Conduct
Authority and was admitted to trading on the main market for listed
securities of the London Stock Exchange in June 2014. The Company
is a constituent of the FTSE All Share and FTSE EPRA/NAREIT
indices.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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