Empiric to acquire property in Newcastle

RNS Number : 7551Y

Empiric Student Property PLC

11 September 2015

 

11 September 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 Newcastle: Metrovick 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 turnkey student accommodation and retail scheme in central Newcastle for £7.4 million (excluding costs). 

The property, which is the Group's second acquisition in Newcastle, is located in the city centre with excellent transport links and is walking distance from the City's two universities, with the Northumbria University library located 300 metres from the property.

The existing property comprises two floors of retail space and six floors of vacant offices. The upper floors will be converted to student accommodation with retail units to be arranged over the ground and basement floors.  When complete, the student accommodation element of the scheme will comprise 63 high specification, self-contained studio apartments, with communal facilities and will increase the Group's presence in Newcastle to 151 beds.

The property is currently owned by the developer, S Harrison Developments Limited, and is expected to be operational by May 2016, in time for the 2016/17 academic year.

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

"This acquisition represents our second acquisition in Newcastle, an exciting student city with two popular universities. On completion of this scheme, together with the Group's first investment, Claremont House, our presence in this city will reach 151 beds. This scale will enable us to derive improved operational efficiencies between the two 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
Alex Collins
Newgate (PR Adviser)	Tel: [phone]
James Benjamin	Em: [e-mail]
Sara Hourigan
Andre Hamlyn

Further information on Empiric 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, 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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