ESP acquires student accommodation development

RNS Number : 5354F

Empiric Student Property PLC

23 February 2015

 

23 February 2015

Empiric Student Property plc

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

ESP acquires student accommodation development site in Nottingham: 95 Talbot Street

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire the freehold of a site on Talbot Street in Nottingham, which has planning consent for a 67 bed, purpose-built student accommodation scheme, at a cost of £825,000 (excluding fees).

The Company is continuing negotiations with the developer, Romiga Studios Limited, regarding forward funding the development.  Further information regarding the proposed project will be announced in due course.

The property is located opposite the Group's existing operating asset, Talbot Studios, close to Nottingham Trent University's main campus (which includes Nottingham Law School) and a short bus ride to Nottingham University's main University Park and Jubilee campuses.  The properties are also within easy reach of local amenities and transport links.

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

"Nottingham is home to a number of top ranking universities and colleges, with a thriving student population.  Having two properties in close proximity to each other will provide an opportunity for both schemes to be operationally paired, enabling students to have access to communal facilities and the Company to share operational costs."

For further information on the Company, please contact:

Empiric Student Property plc	(via Newgate Communications)
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 Communications (Financial PR)	Tel: [phone]
James Benjamin	Em: [e-mail]
Andre Hamlyn

Further information on ESP 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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