Empiric Student Property PLC Acquisition (8492N)
August 14 2017 - 1:00AM
UK Regulatory
TIDMESP
RNS Number : 8492N
Empiric Student Property PLC
14 August 2017
14 August 2017
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
Empiric acquires forward funded scheme in Edinburgh: King's
Stables Road
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 land with
planning permission and entered into a forward funded agreement for
a 166 bed premium student accommodation development in Edinburgh
(the "Property") for a total funding commitment of GBP26.56 million
(excluding costs). The Property will be valued post-completion and
the developer may be entitled to a further capped payment at that
time.
The redevelopment will involve the demolition of the existing
buildings and the construction of new purpose-built student
accommodation, comprising an all-studio bed scheme with communal
facilities. The Property is one component of a wider mixed-use
development (being constructed by the same developer, Peveril
Securities Limited) comprising a hotel and 52 residential units.
Practical completion of the Property is expected in time for the
2019/20 academic year.
Empiric will be responsible for the marketing and letting of the
scheme through the Hello Student(R) operating platform. A show flat
will be made available in November 2018 to coincide with the market
cycle. The Property will be Empiric's second in Edinburgh, bringing
the total size of the portfolio in the city to 254 beds.
The Property is located opposite the iconic Edinburgh castle and
more than half of the rooms will benefit from views of this World
Heritage Site. The scheme also benefits from close proximity to the
popular Grassmarket area of the city, and is ten minutes' walk to
the University of Edinburgh's main campus.
Paul Hadaway, Chief Executive of Empiric Student Property plc,
commented:
"We are very pleased to have made this acquisition in the heart
of Edinburgh's Old Town. The city contains 49,705 full-time
students (latest available HESA data 2015/16) and the University of
Edinburgh attracts 38% of its full-time students from international
backgrounds. This is a very well-regarded institution benefitting
from a particularly strong ratio of 10.5 undergraduate applications
to acceptances (6.6 nationally). 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)
Lynne Fennah (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
Anna Geffert
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, nominated or leased student accommodation
across the UK. Investing in both operating and development assets,
Empiric is a multi-niche student property company focused on, (i)
providing good quality first year accommodation managed through its
Hello Student(R) operating platform in partnership with
universities, (ii) offering a variety of second and third year
purpose built accommodation options for individual students and
those wanting a group living environment, and (iii) continuing to
expand the Group's existing premium, studio-led accommodation
portfolio which is attractive to international and postgraduate
students.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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