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: [phone]
Ravi Anand
Robert Peel
Akur Limited (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Citigate Dewe Rogerson (Financial PR)	Tel: [phone]
Grant Ringshaw	Email: [e-mail]
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. 

 

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