Estimated NAV and Dividend

RNS Number : 7096T

Empiric Student Property PLC

08 October 2014

 



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8 October 2014

Empiric Student Property plc

("ESP" or the "Company")

Quarterly Net Asset Value and Dividend Estimate

Further to the trading update announced on 3 October 2014, the Board of Empiric Student Property plc (LSE: ESP) announces that the unaudited estimated Net Asset Value ("eNAV") of the Company as at 30 September 2014 was 99.8 pence per share†, up from 98.0 pence per share immediately following the Company's IPO on 30 June 2014.  The growth in Net Asset Value principally follows an independent valuation of the Company's assets acquired since IPO and is shown net of all property acquisition costs.

Taking into account the Company's equity fundraising intentions as referred to in the trading update announcement, the Company confirms its intention to pay a dividend of 2 pence per share to existing shareholders in respect of the period from IPO to 31 December 2014.  Thereafter, the Company expects to pay quarterly dividends increasing to an annualised dividend target of at least 6 pence per share on or before the commencement of the Company's next financial year on 1 July 2015.  

†The eNAV includes all property acquisitions (completed and exchanged) announced by the Company up to 30 September 2014.

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)
Jefferies International Limited (Joint Financial Adviser and Broker)	Tel: [phone]
Gary Gould
Stuart Klein
Alex Collins
Akur Limited (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
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 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. 

Note that the figures in relation to dividends set out above are not intended to be, and should not be taken as, a profit forecast or estimate, or a dividend declaration. Actual returns cannot be predicted and may differ materially from these illustrative figures. There can be no assurance that they will be met or that any dividend growth will be achieved.

 

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