Empiric Student Property PLC Property Valuation & Trading Update (9366E)
February 15 2018 - 2:00AM
UK Regulatory
TIDMESP
RNS Number : 9366E
Empiric Student Property PLC
15 February 2018
15 February 2018
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
Property Valuation & Trading Update
Empiric Student Property plc (ticker: ESP), the owner and
operator of student accommodation across the UK, announces that the
Group's property portfolio was independently valued by CBRE Ltd as
at 31 December 2017 and on a like-for-like basis is slightly ahead
compared to 30 June 2017. The portfolio valuation was GBP890.1
million, representing an increase of 23.4% for the full year and
8.8% for H2 2017 and was based on current levels of occupancy and
on an industry standard asset-by-asset basis.
The increase in valuation has been driven largely by
acquisitions, with yield compression, development progress and
rental growth also contributing to uplifts in the majority of
Empiric's towns and cities, which are continuing to see strong
demand. However, this increase in value has been partially offset
by certain assets where Empiric has faced operational challenges as
previously reported.
The Group continues to focus fully on driving revenue and
reducing costs and can report recent progress in line with the
guidance provided in the November 2017 Trading Update. Bookings for
the 2018/19 academic year are at 40% which is significantly ahead
of last year and administration costs for H2 2017 have been reduced
by 21% from GBP7.6 million for H1 2017 to circa GBP6.0 million.
The results for the year ended 31 December 2017 will be
published on Wednesday 21 March 2018 and will include a full update
on the Company's performance and progress made on the initiatives
outlined in the Business Review.
For further information on the Company, please contact:
Empiric Student Property plc (via Newgate below)
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
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