New Unsecured Term Loan Facility of £10 million

RNS Number : 5446Y

Empiric Student Property PLC

06 March 2017

 

6 March 2017

Empiric Student Property plc

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

New Unsecured Term Loan Facility of £10 million

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of modern, premium student accommodation across the UK, is pleased to announce that the Company has agreed a new unsecured term loan facility (the "Facility") of £10 million with First Commercial Bank Limited (acting through its London branch).

The Facility is available to draw down in full over the next 12 months. It is repayable three years from the date of agreement with an all-in cost of 2.15% per annum. 

The Facility can be used for general corporate purposes including the financing of the purchase of properties by any Group company to be operated as student accommodation or in refinancing the costs of acquisition of such properties.

Strategic advice on the structure and assistance in arranging the debt was provided by JCRA.

Commenting on the Facility, First Commercial Bank said:

"Empiric has established itself as a leading investor in the highly attractive UK student accommodation market.  First Commercial Bank is pleased to provide support for their future growth plans."

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

"This is the first unsecured loan we have secured at the PLC level which reflects the maturity of the business. The new facility provides the Company with additional flexibility in financing future acquisitions, within our target loan-to-value parameters.  This is a new debt funding relationship and we look forward to working with First Commercial Bank in the future."

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]
Zoe Pocock
Lydia Thompson

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

Notes:

Empiric Student Property plc is a leading provider and operator of modern, direct-let, nominated or leased student accommodation across the UK. Investing in both operating and development assets, Empiric is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student® operating platform in relationships with universities, (ii) offering a variety of second and third year purpose built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.

The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, 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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