Empiric Student Property PLC TRADING UPDATE (9113C)
October 04 2018 - 1:00AM
UK Regulatory
TIDMESP
RNS Number : 9113C
Empiric Student Property PLC
04 October 2018
4 October 2018
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
TRADING UPDATE
The Board of Empiric Student Property plc (ticker: ESP) (the
"Board"), the owner and operator of student accommodation across
the UK, is pleased to provide the following update on trading.
Bookings for the 2018/19 Academic Year have reached 96% as at 3
October 2018, which is significantly ahead of last year. New
reservations are continuing and the Company is on track to achieve
the full occupancy target of 97%*. These later reservations relate
to specific assets within the Company's portfolio where lettings to
international and postgraduate students continue through October
and into November.
On 1 September 2018 Hello Student(R) assumed the marketing and
lettings management of the Company's entire portfolio and
successfully took control of facilities management for 27
properties. The facilities management provision for the remaining
57 properties remains on schedule to be brought in-house by 31
March 2019. The wider programme is progressing well, with the call
centre now live, the database established and contracts continuing
to be rationalised.
The Group continues to make good progress on delivering
financial and operational improvements across the business and
remains on track to meet its previously stated targets.
* In line with industry standards, student occupancy levels of
97% and above are considered as fully let.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Empiric Student Property plc (via Newgate below)
Tim Attlee (Acting Chief Executive
Officer & Chief Investment Officer)
Lynne Fennah (Chief Financial & Operating
Officer)
Jefferies International Limited Tel: 020 7029 8000
Gary Gould
Stuart Klein
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: empiric@newgatecomms.com
Anna Geffert
The Company's LEI is 213800FPF38IBPRFPU87.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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