Further Acquisition

RNS Number : 8022S

Empiric Student Property PLC

29 September 2014

 

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29 September 2014

Empiric Student Property plc

("ESP" or the "Company")

ESP acquires 46 bed student accommodation property in Southampton

The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company has exchanged contracts to acquire the freehold and leasehold of an operating, direct-let, premium student accommodation property on London Road in Southampton, for a cash consideration of £3.55m.

The Company has acquired the property from Urban Creation, which developed Phase 1 of the property (34 beds) in 2013, with Phase 2 (12 beds) having been completed in September 2014 in time for the 2014/15 academic year.  The property is currently approximately 96 per cent. let for the 2014/15 academic year and, in any event, the vendor has provided a 100% rental guarantee for the year.

The property is located in central Southampton, close to Southampton Solent University and between the city centre and the University of Southampton. The 46 beds are arranged in predominantly self-contained studio apartments, with a small number of two bed apartments, with bike storage and other communal facilities.  The property is in close proximity to the Company's Brunswick House development (expected to open in September 2015) and it is anticipated that both schemes will be paired, operationally, with students having access to the Brunswick House communal facilities and enabling the Company to share operational costs.

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

"We are pleased to have acquired a further, high quality asset in a prime student location in Southampton, within our investment parameters.  Once our Brunswick House development has completed, we will be able to offer students in both properties access to combined facilities, with the benefit of shared operational costs for the Company."

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	Email: [e-mail]
Clotilde Gros
Georgia Lewis

Further information on ESP can be found on the Company's website: 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. 

 

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