Acquires property in Manchester

RNS Number : 1436W

Empiric Student Property PLC

25 April 2016

 

25 April 2016

Empiric Student Property plc

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

Empiric acquires student accommodation property in Manchester: Victoria Point

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the long leasehold (999 years from March 2007) of a 561 bed scheme in Manchester for £29.5 million (excluding costs) from MCR Property Group.

Victoria Point, Manchester was constructed in 2009 by the vendor as a private residential scheme comprising apartments and duplexes across six separate blocks of accommodation on a 3.5 acre site.  The property has been let entirely to students since it was built and is located in the Victoria Park area of Manchester, a popular student area convenient for The University of Manchester, Manchester Metropolitan University and the Royal Northern College of Music.

The 561 beds are set out in a mix of two, three and four bedroom apartments with nine three bedroom duplexes.  The accommodation has large bedrooms, fully fitted kitchens and family-sized bathrooms.  The property also benefits from 197 car parking spaces and landscaped gardens. There is scope to upgrade the accommodation and ancillary facilities, on a staged basis, with the potential to enhance rental growth.

Victoria Point has an excellent occupational track record, is fully let for the 2015/16 academic year and is letting well for 2016/17.  The property, which is in close proximity to the Group's Welsh Baptist Chapel forward funded development, will be managed through the Hello Student® platform.

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

"With its large student population - the third largest in the UK with 61,990 full-time students in 2014/15 according to HESA statistics - we are pleased to have made this further significant purchase in Manchester, taking our presence in the city to 765 beds.  This large site with low density provides the opportunity for further development, if appropriate, including communal facilities to create a purpose-built student hub.  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
Newgate (PR Adviser)	Tel: [phone]
James Benjamin	Em: [e-mail]
Alex Shilov
Lydia Thompson

Further information on Empiric can be found on the Company's website at www.empiric.co.uk.

Notes:

Empiric Student Property plc is a leading provider and operator of modern, direct-let, premium student accommodation across the UK.  Investing in both operating and development assets, the Company focuses on quality, with assets generally in prime central locations in top university cities and towns in the UK, attracting international students and/or those studying beyond first year, in particular, postgraduates. For the 2015/16 academic year, Empiric's customer base comprises 69% international students from 98 countries. 78% of the Company's customers are students beyond their first year of study.

The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, 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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