ESP acquires student accommodation in Falmouth

RNS Number : 1847W

Empiric Student Property PLC

17 August 2015

 

17 August 2015

Empiric Student Property plc

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

Empiric acquires student accommodation property in Falmouth: Maritime Studios

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired the freehold of a high quality purpose-built student accommodation scheme on Pendennis Rise, in Falmouth, for £8.1 million (excluding costs).

The property is located next to the Falmouth Docks, within a few minutes' walk to the Woodlane campus of Falmouth University and the marine School, and with good public transport links to the Penryn campus, a mile from Falmouth, which is shared by Falmouth University and the University of Exeter.  It is also within a 10 minute walk of Falmouth town and its amenities.  

Maritime Studios comprises 146 large, self-contained studio apartments, with communal facilities, and the Group has acquired the freehold to all the studios.  However, 14 of the studios have been sold off on long leases, resulting in 132 beds under Empiric's ownership.  Maritime Studios is a high yield property which was fully let for the 2014/15 academic year and is already 100% pre-let for the 2015/16 academic year.  

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

"This is Empiric's first acquisition in Falmouth, home to Falmouth University, one of the leading modern universities with a highly regarded multi-arts focus.  The nearby Penryn Campus is shared by Falmouth University and the University of Exeter, a Russell Group university, ranked 7^th in The Times Good University Guide 2015.  While the current student population in Falmouth is just over 5,000, Falmouth University has published plans to increase its intake to a total of 8,000 by 2018 and there is a limited supply of new purpose-built student accommodation. 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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