Empiric Student Property PLC Disposal of non-core property in Southampton (3851J)
December 12 2022 - 5:05AM
UK Regulatory
TIDMESP
RNS Number : 3851J
Empiric Student Property PLC
12 December 2022
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
Disposal of non-core property in Southampton
Empiric Student Property plc (ticker: ESP), the owner and
operator of premium student accommodation across the UK, is pleased
to announce that it has agreed the sale of Emily Davies House,
Southampton to Far East Orchard Limited for GBP13.9 million. The
sale price reflects a net initial yield of 5.7 per cent, with
pricing ahead of 30 June 2022 book value.
The sale remains conditional on the completion of minor works on
or before 30 April 2023. Once the sale concludes, the Company would
have generated GBP71.5 million from its disposal programme of
non-core assets.
Emily Davies is comprised of three-to-four-bedroom apartments
with shared bathrooms and kitchens and is currently configured to
provide 180 beds. The property is located within walking distance
of Southampton Solent University and the city centre.
Duncan Garrood, Chief Executive Officer of Empiric Student
Property plc, said:
"The sale of Emily Davies is in line with our non-core disposal
programme and releases capital for recycling into our core
portfolio refurbishment programme. Against the backdrop of wider
macro-economic uncertainty, this sale demonstrates the continued
attractiveness and resilience of Purpose Built Student
Accommodation."
ENDS
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Empiric Student Property plc (via FTI Consulting below)
Duncan Garrood (Chief Executive Officer)
Donald Grant (Chief Financial & Sustainability
Officer)
Jefferies International Limited 020 7029 8000
Tom Yeadon
Andrew Morris
Peel Hunt LLP 020 7418 8900
Capel Irwin
Carl Gough
FTI Consulting 020 3727 1000
Dido Laurimore empiric@fticonsulting.com
Eve Kirmatzis
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, predominantly direct-let, premium student accommodation
located in high-demand university towns and cities across the UK.
Investing in both operating and development assets, Empiric is a
fully integrated operational student property business focused on
premium studio-led accommodation managed through its Hello
Student(R) operating platform, that is attractive to affluent
growing student segments.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DISFLFIIFFLFLIF
(END) Dow Jones Newswires
December 12, 2022 05:05 ET (10:05 GMT)
Empiric Student Property (LSE:ESP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Empiric Student Property (LSE:ESP)
Historical Stock Chart
From Jul 2023 to Jul 2024