Acquires student accommodation property in Reading

RNS Number : 3408T

Empiric Student Property PLC

29 March 2016

 

29 March 2016

Empiric Student Property plc

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

Empiric acquires student accommodation property in Reading: Saxon Court

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 acquired the freehold of an 83 bed, premium student accommodation property in Reading for a consideration of £13.0 million (excluding costs) from the developer, Bywater Properties.

Saxon Court, the Group's first acquisition in Reading, was newly built for the 2015/16 academic year to a high specification. The property is an all-studio scheme with communal facilities, plus a basement car park, which is let for a five-year term to a local operator. The property is located in central Reading, within a short walk of the railway station and the London Road and Whiteknights campuses of the University of Reading.

The University of Reading, which incorporates Henley Business School as well as the University College of Estate Management, is ranked in the top 30 of The Times Good University Guide 2016.

The property is fully let for the 2015/16 academic year and is letting well for 2016/17.

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

"Saxon Court is Empiric's first acquisition in Reading which is home to 12,590 full-time students, of whom 31% were international and 24% postgraduates (HESA 2014/15). The city, which has the fastest growing economy in England, is a short train journey to London and is in close proximity to Heathrow Airport and the historic town of Windsor. Reading, therefore, represents an attractive investment location for the Group.  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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