Further Acquisition

RNS Number : 7905L
Empiric Student Property PLC
09 July 2014
 

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9 July 2014

 

Empiric Student Property plc

("ESP" or the "Company")

 

ESP enters joint venture to acquire development project in Southampton

 

The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company, in a 50:50 joint venture arrangement with Revcap Advisors Limited ("Revcap") (the "JV Entity"), has exchanged contracts to acquire a direct development project in Southampton.   The project comprises the redevelopment of a commercial property into a direct-let, premium student accommodation scheme and has planning permission for 158 studio beds. 

 

The JV Entity has agreed to purchase the freehold of Brunswick House, on Brunswick Place, Southampton from Bannerdale Estates Limited for consideration of £3.575m (excluding VAT).  The acquisition is expected to complete on 28 July 2014.  The proposed opening target date for the development is September 2015.

 

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

 

"Brunswick House is a significant student accommodation development scheme in central Southampton, close to Southampton Solent University and between the city centre and the University of Southampton.  We look forward to working with Revcap to develop this project in time for the 2015/16 academic year."

 

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: 020 7832 0900

Ravi Anand

 

Robert Peel

 

 

 

Akur Limited (Joint Financial Adviser)

Tel: 020 7493 3631

Tom Frost

 

Anthony Richardson

 

Siobhan Sergeant

 

 

 

Citigate Dewe Rogerson (Financial PR)

Tel: 020 7638 9571

Grant Ringshaw

Email: ESP@citigatedr.co.uk

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. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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