Empiric acquires development in Sheffield

RNS Number : 0436W

Empiric Student Property PLC

14 August 2015

 

14 August 2015

Empiric Student Property plc

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

Empiric acquires forward funded development in Sheffield: Portobello House

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired a forward funded, development in Sheffield, known as Portobello House, a 134 bed new-build premium student accommodation scheme, for a total investment of £10.7m.

The Group has acquired the freehold to the site on Portobello Street, located in the heart of the University of Sheffield campus and within a 10 minute walk to the city centre and Sheffield Hallam University.  The scheme comprises 134 beds across a mix of studios and 2-bed self-contained apartments, together with student communal space.

GHL (Portobello Road) Limited, a joint venture between Visage Properties Limited and Galliard Homes Limited, will undertake the construction of the property on behalf of Empiric, to the Company's specifications.  The full amount required for the development will be invested in stages against development milestones. The Company will receive an income return from the developer on funds invested during the development period.

The property is scheduled to be completed by July 2016, in time for the 2016/17 academic year, with marketing commencing in November 2015.

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

"This forward funded project represents the Company's first investment in Sheffield, a popular city with students.  The University of Sheffield has over 26,000 students with a significant proportion of post-graduate and overseas students and is ranked in the top 30 universities in the UK.  Sheffield Hallam University has a large student population of over 33,000, a substantial proportion of whom are post-graduate.  The site is ideally located and we expect the scheme to generate attractive returns in line with our stated investment parameters."

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]
Sara Hourigan
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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