Empiric acquires development site in Stirling

RNS Number : 8100U

Empiric Student Property PLC

03 August 2015

 

3 August 2015

Empiric Student Property plc

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

Empiric acquires development site in Stirling: Forthside

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has concluded missives (equivalent to exchange of contracts under English law) to acquire the freehold of part of a site off Forthside Way in Stirling, which the Group proposes to develop into a direct-let, premium student accommodation scheme with approximately 200 beds, comprising a mix of studios and apartments. 

The acquisition price is £650,000 (excluding acquisition costs). The full site has planning consent for 214 residential apartments and it is likely that the balance of the site will be developed as a residential scheme with the opportunity to share infrastructure costs. 

The site, which is located in the Forthside Regeneration Area, is on the banks of the River Forth, with the benefit of a riverside walkway and adjacent leisure amenities such as restaurants and a cinema.  The site is close to the railway station, which links directly to the main campus of the University of Stirling, from which the site is also a short bus ride away.  The University of Stirling is currently ranked 53^rd in The Times Good University Guide.  With very little existing or planned purpose-built student accommodation in Stirling, this development represents an attractive opportunity for the Group.

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

"Stirling is a thriving, compact and welcoming city with a wide range of commercial and cultural facilities.  The University of Stirling has over 11,000 students (HESA 2013-14) of whom over 30% are postgraduates. This is the Group's first investment in Stirling, which has a very limited supply of purpose-built student accommodation.  The city is also a 45 minute train journey to Glasgow, which will facilitate joint management opportunities with the Group's operations located there. The 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]
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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