Empiric acquires accommodation in Newcastle

RNS Number : 5650M

Empiric Student Property PLC

08 May 2015

 

8 May 2015

Empiric Student Property plc

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

Empiric acquires student accommodation property in Newcastle: Claremont Place

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired the freehold of a property which comprises the conversion of a terrace of Grade II listed buildings into a luxury, direct-let, student accommodation asset on Claremont Place, in Newcastle.  The property is currently owned and is being developed by specialist developer, Ziggurat Student Living ("Ziggurat") and is expected to be operational by September 2015, in time for the 2015/16 academic year.

The property is immediately adjacent to Newcastle University and within a ten minute walk of Newcastle city centre.  To the north of the property lies Town Moor, a large public park, which a number of the rooms will have a view over, and beyond that is the area of Jesmond which is widely considered to be one of the most prosperous suburbs and especially popular with more affluent students.

The property is being developed to a high specification and comprises 88 self-contained studio apartments of varying sizes, over half of which are suitable for double occupancy.  The property is currently taking bookings for the 2015/16 academic year.  Atelier Property Asset Management (a company related to Ziggurat), will continue to manage the property on behalf of Empiric. 

The acquisition price is £11 million and the Group will benefit from a 100% rental guarantee from the developer for the 2015/16 academic year. 

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

"Newcastle is an ideal target city for Empiric - an exciting student city with two popular universities.  Newcastle University is a Russell Group university which attracts some 23,000 students from around the world and with a high proportion of post-graduate students. Northumbria University, one of the largest universities in the UK, is a research-rich, business-focused institution with over 28,000 students. 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
Alex Collins
Newgate (PR Adviser)	Tel: [phone]
James Benjamin	Em: [e-mail]
Andre Hamlyn
Lois Engstrand

Further information on Empiric 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 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.

 

END

 

 

ACQSSMFWWFISEII