Acquisition of Dean Clarke Lofts

RNS Number : 5416Y

Empiric Student Property PLC

02 December 2014

 



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02 December 2014

Empiric Student Property plc

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

Empiric acquires its second student accommodation property in Exeter: Dean Clarke Lofts

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired the long leasehold on a direct-let, premium student accommodation property in Exeter, Dean Clarke Lofts, for a consideration of £4.5 million.

Dean Clarke Lofts is a luxury student accommodation conversion of a Grade 2 listed, Georgian building on Southernhay Gardens in Exeter. The property, which was completed in August 2013, comprises 30 beds arranged in large loft-style studio apartments featuring mezzanine bedrooms and individually furnished to very high specifications.  It has been fully occupied since completion. The property is conveniently located for both University of Exeter campuses and is close to the city centre.  The ground floor retail unit is let to a popular local restaurant, the Cosy Club, with a 15 year lease.

The property is 100 per cent. let for the 2014/15 academic year and is currently managed by Academy Property Consultants Limited. The acquisition takes the number of beds owned by the Company in Exeter to 132.

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

"Dean Clarke Lofts is a luxury student accommodation property, targeting predominantly wealthy and international students.  This is the Company's second property in Exeter, which is one of the top Russell Group university cities and the University of Exeter is investing significantly into its vision of becoming a leading international university. The 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 Communications)
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
Alex Collins
Newgate Communications (Financial PR)	Tel: [phone]
James Benjamin	Em: [e-mail]
Clotilde Gros
Georgia Lewis

Further information on ESP can be found on the Company's website at www.espreit.co.uk.

Notes:

Empiric Student Property plc (incorporated in England & Wales) is an internally managed real estate investment trust ("REIT") investing in modern, premium, student accommodation, with a focus on quality and with assets generally in prime city centre locations in top university cities in the UK.  The Company 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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