Empiric acquires development site in Manchester

RNS Number : 0972M

Empiric Student Property PLC

05 May 2015

 

5 May 2015

Empiric Student Property plc

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

Empiric acquires development site in Manchester: Welsh Baptist Chapel

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired the freehold of a site which is the Grade II* listed, neogothic style former Welsh Baptist Chapel, which has planning consent for a 93 bed residential development, at a cost of £1 million (excluding fees).

The Company is currently negotiating with a potential developer on a forward funded development contract for the site.  Further information regarding the proposed project will be announced in due course.

The Welsh Baptist Chapel (which includes the former Chapel, Chapel Annex and associated grounds) is located on Upper Brook Street, less than 5 minutes' walk from the main city campuses of both the University of Manchester and Manchester Metropolitan University.  

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

"Manchester has the largest full-time higher education student population outside London.  As well as the two main universities, University of Manchester and Manchester Metropolitan University, the city is home to several smaller institutions such as the Royal Northern College of Music. This is an opportunity for Empiric to gain a presence in this important student centre, with the development of an impressive and historically significant building."

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. 

 

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