Acquisition of student property in Camberwell

RNS Number : 9629D

Empiric Student Property PLC

04 February 2015

 



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4 February 2015

Empiric Student Property plc

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

Empiric acquires student accommodation property in Camberwell, London: Liberty Fields

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has completed the acquisition of the freehold on an operational, direct-let, premium student accommodation property in Camberwell, South London, for a consideration of £13.25 million.

Liberty Fields is a high-quality conversion of an attractive building, which was part built in the 1930s and the 1970s and is part new-build.  The property, which has been acquired from the Brandeaux Student Accommodation Funds, began operations in 2007 with the new-build element being completed in 2010, and comprises 79 self-contained studios of varying sizes finished to a high specification.  The property includes high quality communal areas such as a student common room with entertainment facilities and an attractive landscaped garden with a barbecue area.

The property has access to excellent transport links, being strategically located close to the Northern line underground station, connecting to City/Central London to facilitate easy access to Central London universities as well as being within easy walking distance of a number of local academic institutions, including Kings College London and Camberwell College of Arts.  It is also close to the Overground station, providing access to the East and West of London.

London accounts for 15 per cent. of the student population in the UK and is, therefore, one of Empiric's target cities, subject to the Company being able to acquire good value assets.

An added advantage to the property is the potential to let studios to non-students and it has benefitted from lettings to companies which use the accommodation for employees. Such lettings are not tied to the academic cycle and this operational flexibility means that the accommodation can be used to respond to specific demands from a variety of different types of occupier. Through this mixed letting term strategy the property has achieved an excellent occupancy record and is fully occupied now. Forward looking enquiries indicate that this occupancy record will be maintained.

The scheme will be managed by Collegiate Accommodation Consulting Limited.

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

"The acquisition of the Liberty Fields property represents the Company's first investment in London.  London is a large student market with many foreign and post-graduate students.  There are a substantial number of purpose-built student accommodation assets but the supply/demand imbalance remains particularly acute. This property is of a high specification, in a good location and has a demonstrable track record of occupancy.  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 central locations in top university cities and towns 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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