Empiric acquires property in Portsmouth

RNS Number : 9098V

Empiric Student Property PLC

13 August 2015

 

13 August 2015

Empiric Student Property plc

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

Empiric acquires student accommodation property in Portsmouth: The Registry

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire on practical completion the freehold of a property which comprises a high quality turnkey student accommodation scheme converted from the former Portsmouth Land Registry on St Michael's Road, in central Portsmouth.  The property is currently owned and is being developed by REL Portsmouth Limited and practical completion is expected in September 2015, in time for the 2015/16 academic year.

The Registry is located in the heart of the Portsmouth University campus, between the Student Union and the university's research institute.  Its city centre location means that it is also close to the harbour and associated transport links, bars and restaurants. 

The property is being developed to a high specification and comprises 41 self-contained studio apartments of varying sizes, with communal facilities.  The property is currently taking bookings for the 2015/16 academic year and is already approximately 85% pre-let.  

The acquisition price is £4.45 million and the Group will benefit from a 100% rental guarantee from the developer for the 2015/16 academic year. 

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

"Portsmouth University is one of the top ranked post-1992 universities in the UK according to The Times Good University Guide, attracting around 22,000 students in 2013/14, with facilities such as a Dental Academy and the UK's first Brain Tumour Research Centre of Excellence.  As well as enjoying an impressive reputation for its health department, the university has recently undergone a redevelopment with the opening of new facilities and the refurbishment of existing facilities such as its library.  In 2014, the number of applications to the university increased by approximately four times the national average, making Portsmouth an attractive target city for Empiric.  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]
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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