ESP to acquire student accommodation in Cardiff

RNS Number : 9421E

Empiric Student Property PLC

09 November 2015

 

9 November 2015

Empiric Student Property plc

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

Empiric to acquire student accommodation property on practical completion in Cardiff: Windsor House

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 premium student accommodation property in central Cardiff for £40 million (excluding costs). 

The property, which is Empiric's fourth acquisition in Cardiff, is located directly opposite the Group's existing Summit House property on Windsor Place, in the city centre within a ten-minute walk from the University of Cardiff.  Cardiff is also home to Cardiff Metropolitan University and the University of South Wales.

The new-build student accommodation property is currently under construction and will comprise 314 beds across a mix of studios and two bed apartments, with communal facilities.  This will increase the Group's presence in Cardiff to 519 beds, representing approximately 2% of the full-time student population in Cardiff.

The property, which will be acquired with a first year rental guarantee, is currently owned by the developer, Fusion Students, and is expected to be operational by August 2016, in time for the 2016/17 academic year.

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

"This acquisition is our fourth in Cardiff, a vibrant student city with three universities and some 44,000 full-time higher education students, with above average numbers of international and postgraduate students. On completion of this scheme, together with the Group's three other investments, our presence in Cardiff will reach 519 beds. This is an optimal scale for Empiric in the city and will enable us to derive further improved operational efficiencies between the four properties. 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
Newgate (PR Adviser)	Tel: [phone]
James Benjamin	Em: [e-mail]
Alex Shilov

Further information on Empiric can be found on the Company's website at www.empiric.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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