Further Acquisition

RNS Number : 4924L

Empiric Student Property PLC

04 July 2014

 



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4 July 2014

Empiric Student Property plc

("ESP" or the "Company")

ESP acquires forward funded property in Edinburgh

The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company has entered into an agreement in relation to the acquisition of a forward funded development of an 86 bed direct-let, premium student accommodation scheme in Edinburgh. 

The Company has agreed to purchase the freehold of the site,  part of a listed former cinema building, located on Buccleuch Street, Edinburgh, from Cruden Homes (East) Limited for a total consideration of c. £8.52m.  Cruden Homes (East) Limited will be managing the construction of the property on behalf of ESP, with practical completion scheduled for May 2016.

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

"We are delighted to have entered into an agreement on this forward funded project - our fourth acquisition since our IPO on 30 June 2014. This project has an appealing central location next to the University of Edinburgh and we would expect it to generate attractive returns in line with our stated investment parameters."

For further information on the Company, please see the website at www.espreit.co.uk or contact:

Empiric Student Property plc	(via Citigate Dewe Rogerson)
Paul Hadaway (Chief Executive)
Tim Attlee (Chief Investment Officer)
Michael Enright (Chief Financial Officer)
Dexion Capital (Joint Financial Adviser and Broker)	Tel: [phone]
Ravi Anand
Robert Peel
Akur Limited (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Citigate Dewe Rogerson (Financial PR)	Tel: [phone]
Grant Ringshaw	Email: [e-mail]
Toby Moore
Shelly Chadda

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 city centre locations in top university cities 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 on 30 June 2014. 

 

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