Empiric Student Property PLC Acquisition (5200E)
February 12 2018 - 2:00AM
UK Regulatory
TIDMESP
RNS Number : 5200E
Empiric Student Property PLC
12 February 2018
12 February 2018
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
Empiric acquires student accommodation property in Southampton:
Emily Davies Hall
The Board of Empiric Student Property plc (ticker: ESP), the
owner and operator of student accommodation across the UK, is
pleased to announce that the Group has acquired the freehold of a
240 bed student accommodation property in Southampton, the Emily
Davies Halls of Residence (the "Property"), for GBP10.6 million
(excluding costs).
The Property comprises affordable student accommodation
configured in three and four bed apartments with 65 commercially
let car parking spaces. This popular Property is fully occupied and
leased by Southampton Solent University ("SSU") on a Full Repairing
and Insuring basis until September 2019 with the rent subject to
annual RPI increases. Following the expiry of the lease, Empiric
intends to direct let the Property.
There are two universities in Southampton, both with major
investment programmes underway, and the City has a growing
full-time student population of approximately 32,400.
The Property is located on the edge of the City centre within a
10-minute walk of SSU's main campus. Empiric's two existing
buildings in Southampton, Brunswick House (173 beds) and London
Road Studios (46 beds), are also within a 10-minute walk. The
University of Southampton has a regular bus service that stops
outside the Property, taking students to the University's Highfield
campus.
Post-acquisition, Empiric will own 459 beds in Southampton
amounting to approximately 9% of Southampton's private PBSA.
Tim Attlee, Acting Chief Executive of Empiric Student Property
plc, commented:
"As envisaged in the Company's 2025 Plan, adding affordable
accommodation to Empiric's existing studio stock in the City widens
the rental range offered to students and allows cross-selling
between accommodation formats. The Property will also contribute to
a reduction of the Company's per-bed operating costs in the City.
The investment is immediately income producing and in line with
Empiric's investment criteria and returns targets."
For further information on the Company, please contact:
Empiric Student Property (via Newgate below)
plc
Tim Attlee (Acting Chief
Executive Officer)
Lynne Fennah (Chief Financial
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
Leena Patel
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 company news service from the London Stock Exchange
END
ACQUAOARWAAUAUR
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