Empiric acquires property in Exeter: Library Lofts

RNS Number : 0968M

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 exchanges contracts to acquire a property in Exeter: Library Lofts

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire a 61 bed direct-let, premium student accommodation scheme in Exeter for £6.1m.  The acquisition will complete on practical completion of the development expected to be in August 2015.

The Group will acquire the freehold to the site which was previously home to the Exeter library and is a short walk from the Group's two existing properties in Exeter, Dean Clarke Lofts and Picturehouse Apartments.  The scheme comprises 44 apartments, together with lower-ground floor student communal space and one retail unit.

The site will be acquired from Burrington Estates Limited ("Burrington") which is managing the construction of the property on behalf of Empiric.  Burrington previously developed Dean Clarke Lofts and this scheme is being built to a similarly high specification.  The property is scheduled to be completed in time for the 2015/16 academic year, marketing is underway, and bookings for the forthcoming academic year are currently being taken.

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

"We are delighted to have entered into an agreement on this project representing the Company's third property in Exeter, one of the top Russell Group university cities.  This project has an appealing central location and we expect it to generate attractive returns in line with our stated investment parameters, as well as delivering significant operational cost savings through the sharing of resources across the Group's Exeter assets."

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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