Acquires development site in Falmouth

RNS Number : 7474W

Empiric Student Property PLC

29 April 2016

 

29 April 2016

Empiric Student Property plc

("Empiric" or the "Company" or, together with its subsidiaries, the "Group")

Empiric to acquire development site in Falmouth: Ocean Bowl

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 exchanged contracts to acquire, subject to planning, the freehold of a site on Pendennis Rise, Falmouth, at a cost of £2.3 million (excluding fees).  

The Company is in the process of applying for planning permission with the Cornwall County Council for a 287 bed premium student accommodation development on the property. The scheme will comprise two buildings, one a mix of studios and two and three bed apartments and the other a combination of four and six bed town houses.  It will be developed in two phases, the first to be completed in time for the 2017/18 academic year and the second phase in time for the 2018/19 academic year.

The site is located adjacent to Empiric's existing operating property, Maritime Studios, within a few minutes' walk to the Woodlane campus of Falmouth University and the Marine School, and with good public transport links to the Penryn campus, a mile from Falmouth, which is shared by Falmouth University and the University of Exeter. It is also within a 10 minute walk of Falmouth town and its amenities.  On completion of both phases of the development, the Group will own 425 operating beds in Falmouth.

On receipt of planning permission, the Company will enter into an appropriate development contract.  Further information regarding the proposed project will be announced in due course.

Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:

"This is the Group's second acquisition in Falmouth, which is undergoing a significant increase in student numbers as a result of Falmouth University's growth plans and has a limited supply of new purpose-built student accommodation. 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)
Michael Enright (Chief Financial Officer)
Akur Limited (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Jefferies International Limited (Joint Financial Adviser and Broker)	Tel: [phone]
Gary Gould
Stuart Klein
Newgate (PR Adviser)	Tel: [phone]
James Benjamin	Em: [e-mail]
Alex Shilov
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, premium student accommodation across the UK.  Investing in both operating and development assets, the Company focuses on quality, with assets generally in prime central locations in top university cities and towns in the UK, attracting international students and/or those studying beyond first year, in particular, postgraduates. For the 2015/16 academic year, Empiric's customer base comprises 69% international students from 98 countries. 78% of the Company's customers are students beyond their first year of study.

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.

 

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