Acquisition

RNS Number : 9669M

Empiric Student Property PLC

03 August 2017

 

3 August 2017

Empiric Student Property plc

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

Empiric to acquire student accommodation scheme in Liverpool: Hahnemann Building

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 exchanged contracts to acquire the freehold of the Hahnemann Building (the "Property") in Liverpool for £10.8 million (excluding costs). The acquisition is expected to complete in October 2017.

The Hahnemann Building is a Grade II listed building within an established student area in Liverpool. The Property was originally Liverpool Hahnemann Hospital and has been converted into a high specification student accommodation scheme comprising 98 studios with communal space. The Property is on Hope Street which connects Liverpool's two iconic landmark cathedrals, situated in a World Heritage Site Buffer Zone, close to the city centre and within easy reach of the main railway station, Liverpool Lime Street.  The Hahnemann Building is adjacent to John Moores University and is ten minutes' walk from the central academic facilities of the University of Liverpool.

The scheme was completed for the 2016/17 academic year and was fully let under the management of CRM. Lettings are progressing well for the 2017/18 academic year and Hello Student® will take over the management of the accommodation from completion, marketing it alongside the Group's six other Liverpool assets, which are located in close proximity and also serve the University of Liverpool. Liverpool has the 8^th largest student population outside of London with over 46,000 full-time higher education students in 2015/16 (latest available HESA data). 

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

"The Hahnemann Building is our seventh acquisition in Liverpool, expanding the Group's presence in the city to 480 beds, serving 1 per cent. of Liverpool's vibrant student population. The University of Liverpool attracts 32 per cent. of its full-time students from international backgrounds, and has experienced strong international and postgraduate growth in recent years. 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)
Lynne Fennah (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]
Anna Geffert
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, nominated or leased student accommodation across the UK. Investing in both operating and development assets, Empiric is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student® operating platform in partnership with universities, (ii) offering a variety of second and third year purpose built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.

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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