Disposal

RNS Number : 7529T

Empiric Student Property PLC

17 October 2017

 

17 October 2017

Empiric Student Property plc

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

Empiric to sell student accommodation development site in Stirling: Forthside Way

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 exchanged contracts to sell the freehold of the Forthside Way site (the "Property") in Stirling for £2.0 million (excluding costs). The disposal is expected to complete on 27 November 2017.

This site was acquired by the Group in August 2015, subject to achieving a student accommodation planning approval. The site of approximately 0.30 ha (0.75 acres) has detailed planning permission for a 208 bed student accommodation development granted on appeal in October 2016 following an application by the Group.

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

"The sale of Forthside Way site follows an operational review.  Whilst we will continue to identify opportunities for the development of premium Purpose Built Student Accommodation, our current focus is on building critical mass in our target cities. The Forthside Way site was our only asset in Stirling. The Property has been sold with the benefit of the planning approval obtained by the Group, which has resulted in a substantial uplift in value above the original acquisition price."

For further information on the Company, please contact:

Empiric Student Property plc	(via Newgate below)
Paul Hadaway (Chief Executive)
Tim Attlee (Chief Investment Officer)
Lynne Fennah (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]
Anna Geffert
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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