Acquisition

RNS Number : 3003U

Empiric Student Property PLC

17 January 2017

 

17 January 2017

Empiric Student Property plc

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

Empiric acquires student accommodation scheme in York: Foss Studios

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 220 bed student accommodation scheme in York for £23.3 million (excluding costs).

Foss Studios was completed for the 2015/16 academic year and comprises 220 large, well specified, studio rooms across three purpose built buildings.  The scheme is located directly opposite the Group's forward funded development on Lawrence Street, between York city centre and the University of York, and approximately 1.5 miles from York St John University.

The scheme has been acquired from Curlew Student Trust, the student property investment vehicle of CBRE Global Investment Partners.  It is currently managed by Fresh Student Living but will be integrated onto the Group's Hello Student® operating platform at the end of March 2017.  Foss Studios is fully let for the 2016/17 academic year to students from both the University of York and York St John University, and is already letting well for the 2017/18 academic year.

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

"Foss Studios is our second investment in York, a city which remains of great interest to us, with a full-time student population of over 23,000 (HESA 2015/16) across two universities, with approximately 15% being international and 22% postgraduate.  The historic and cosmopolitan city of York is regularly ranked one of the most beautiful in Europe and is one of the most accessible cities in the UK. Both universities have active and respected research programmes.  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]
Zoe Pocock
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, nominated or leased student accommodation across the UK. Investing in both operating and development assets, Empiric is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student® operating platform in partnership with universities, (ii) offering a variety of second and third year purpose built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.

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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