Empiric acquires development in Exeter

RNS Number : 3467Y

Empiric Student Property PLC

08 September 2015

 

8 September 2015

Empiric Student Property plc

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

Empiric acquires forward funded development in Exeter: Bonhay Road

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired, subject to planning, a site on Bonhay Road, Exeter, for a price of £2.5 million.  The site is to be developed into a 139 bed new-build premium student accommodation scheme and a forward funding development agreement is expected to be entered into shortly.

The Group will acquire the freehold of the scheme, which is located a short distance to the University of Exeter, Exeter College and the city centre and opposite Exeter St David's train station. The scheme comprises the construction of new purpose-built student accommodation built over four storeys and around a communal courtyard area. This acquisition represents the Group's fourth in Exeter and, once all properties are complete, will take the number of beds owned by the Group in the city to 332.

The property will be developed to Empiric's specifications and is expected to be completed in time for the 2017/18 academic year.

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

"This property represents the Company's fourth investment in Exeter, one of the top Russell Group university cities.  We expect the acquisition to deliver significant operational as well as financial efficiencies as costs are shared amongst the Group's other properties in Exeter. 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]
Alex Shilov
Andre Hamlyn

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, 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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