Empiric acquires student property in Leeds

RNS Number : 3703A

Empiric Student Property PLC

22 December 2014

 



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22 December 2014

Empiric Student Property plc

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

Empiric acquires student accommodation property in Leeds: Algernon Firth

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired the freehold on an operational, direct-let, premium student accommodation property in Leeds, for a consideration of £7.2 million. The acquisition is expected to complete on 13 January 2015.

Algernon Firth is a high-quality student accommodation conversion of a Grade 2 listed building located within walking distance of both the University of Leeds and Leeds Beckett University.  The property, which was completed in August 2013, comprises 111 beds in a mixture of en-suite flats and large loft-style studios.  The property has been converted to a very high specification and includes high quality communal areas, such as a well-equipped gym and dedicated study areas.  The property has been fully occupied since completion.

The property is 100 per cent. let for the 2014/15 academic year and is currently managed by Countrywide.  The property represents the Group's first acquisition in Leeds, a city with the fifth largest UK student population.

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

"Algernon Firth is a fantastic addition to the Empiric portfolio and marks the Company's first acquisition in Leeds, one of the top Russell Group university cities.  We look forward to securing further investments in Leeds.  The 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 Communications)
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 Communications (Financial PR)	Tel: [phone]
James Benjamin	Em: [e-mail]
Clotilde Gros
Georgia Lewis

Further information on ESP 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, premium, student accommodation, with a focus on quality and with assets generally in prime city 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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