Acquisition

RNS Number : 0646K

Empiric Student Property PLC

24 December 2015

 

24 December 2015

Empiric Student Property plc

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

Empiric to acquire student accommodation property in St Andrews: Ayton House

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired the freehold of a 241 bed, premium student accommodation property in St Andrews for £26.0 million (excluding costs).

The town is home to the University of St Andrews, Scotland's oldest university which was ranked fourth in the Times Good University Guide 2016 and named as the best Scottish University. St Andrews is very popular with international students which make up over 40% of the student population of approximately 8,500.

Ayton House, Empiric's first acquisition in St Andrews, was newly completed for the 2015/16 academic year and comprises a mixture of studios and 4 and 5-bed en-suite apartments which have been designed to a very high specification. The property is located in a prominent position in the centre of town within a 10 minute walk of the university.

The property has been acquired with a first year rental guarantee from the vendor, Threesixty Developments (formerly Knightsbridge Student Housing).

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

"Ayton House is a fantastic addition to the Empiric portfolio and marks the Company's first acquisition in St Andrews, a university town which is held in extremely high regard by both domestic and international students. Ayton House is one of only two purpose-built student accommodation schemes in St Andrews, which continues to suffer from a significant supply and demand imbalance. 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 (incorporated in England & Wales) is an internally managed real estate investment trust ("REIT") investing in modern, direct-let, premium, student accommodation, both standing and development assets, with a focus on quality and with assets generally in prime 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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