Empiric enters forward funding arrangement

RNS Number : 7660R

Empiric Student Property PLC

01 July 2015

 

1 July 2015

Empiric Student Property plc

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

Empiric enters forward funding arrangement for site in Manchester: Welsh Baptist Chapel

Further to the announcement made on 5 May 2015, the Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has entered into a forward funding development agreement with Xian Developments Manchester Limited to develop a 93 bed student accommodation scheme on the site of the Grade II* listed, neo-gothic style former Welsh Baptist Chapel which the Group acquired in May 2015.

The full investment required for the development is £6.9 million (which is in addition to the £1 million already paid for the acquisition of the site), which will be invested in stages against development milestones. Practical completion is expected in time for the 2017/18 academic year.  The Company will receive an income return from the developer on funds invested during the development period.

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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