Acquires student accommodation property in York

RNS Number : 6200T

Empiric Student Property PLC

31 March 2016

 

31 March 2016

Empiric Student Property plc

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

Empiric to acquire student accommodation property in York: Lawrence Street

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 land and entered into a forward funded development agreement for a 115 bed, premium student accommodation development in York for a total funding commitment of £11.1 million.

The property, Empiric's first in York, is located between York city centre and the University of York, and is approximately 1.5 miles from York St John University.  According to the latest HESA statistics (for the 2014/15 academic year), the total full-time student population in York was over 20,000, with 20.5% international students and 17.8% postgraduates.  The University of York is ranked 15^th in The Times Good University Guide 2016.

The Lawrence Street development comprises the redevelopment of two existing listed buildings, together with a newly built wing, to create a premium student accommodation scheme with a mix of studios and flats with one, two, three and five bedrooms, as well as communal facilities.  The existing buildings will be retained, repaired and refurbished in accordance with the Listed Building Consent which has been granted.

The scheme is being developed by S. Harrison Developments, one of the leading property and development businesses in the north of England, and also the developer of Metrovick House, Empiric's forward funded development in Newcastle.  Construction on the Lawrence Street property is due to commence in April 2016 with practical completion scheduled in time for the 2017/18 academic year. 

Empiric will be responsible for marketing and letting the scheme through the Hello Student® operating platform, with a show flat being made available from January 2017.  The Group will benefit from a rental guarantee for the first year of operation.

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

"The Lawrence Street development is our first property in York.  Over the past few years, the University of York has undergone one of the largest capital investments in the UK Higher Education sector, doubling the size of its campus with the creation of new research and teaching facilities across a number of subject areas.  York is also one of the few universities to offer a distinctive Graduate Students' Association and an International Students' Association.  York is, therefore, an important location for us to invest in.  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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