Acquisition of development site in Sheffield

RNS Number : 2814W

Empiric Student Property PLC

26 April 2016

 

26 April 2016

Empiric Student Property plc

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

Empiric acquires development site in Sheffield: Trippet Lane

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 a site on Trippet Lane, Sheffield, with planning permission for a 63 bed student accommodation development, at a cost of £750,000 (excluding fees).

The site is located in central Sheffield, within 100 metres of the University of Sheffield's North Campus and within walking distance of the Group's current developments in Sheffield, Portobello House and Provincial House.  The 63 bed scheme will involve the demolition of the existing building and the development of a seven storey block housing 50 student apartments and associated communal facilities.

The Company is currently negotiating with a developer on a forward funded development contract for the site, with a view to the development being completed by August 2017, in time for the 2017/18 academic year.  Further information regarding the proposed project will be announced in due course.

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

"This acquisition represents the Company's third site in Sheffield, a city which is home to two large universities and the 6^th biggest student population outside of London. On completion of the Group's developments, we will own 304 operating beds in Sheffield. The location, being close to our existing sites, will allow us to deliver operational efficiencies once the assets become operational. 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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