Empiric to acquire development site in Exeter

RNS Number : 1400X

Empiric Student Property PLC

04 May 2016

 

4 May 2016

Empiric Student Property plc

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

Empiric to acquire development site in Exeter: Well Street

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, subject to planning, the freehold of a site on Well Street, Exeter, at a cost of £1.5 million (excluding fees).  

The Company is in the process of applying for planning permission with Exeter City Council for a premium student accommodation development on the site, comprising approximately 68 beds. The exact mix of room types is still to be determined but it is anticipated that the development will be completed in time for the 2017/18 academic year and, like the Group's other four properties in Exeter, will be managed by Collegiate AC.

The site is located within a 10 minute walk to the University of Exeter's main campus and is in close proximity to the Group's other schemes in the city. On completion of this and the Group's other developments in the city, Empiric will own c.411 operating beds in Exeter, serving approximately 2% of the full-time student population.

On receipt of planning permission, the Company will enter into an appropriate development contract.  Further information regarding the proposed project will be announced in due course.

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

"Exeter is a key city for investment by the Group, with a top ranked Russell Group university and a growing student population with limited access to private purpose-built student accommodation.  The Group's current operating properties have an excellent occupational record and are fully let for the 2015/16 academic year, with lettings for the 2016/17 academic year currently well ahead of management's expectations. Once all five of our assets in the city are operational, we expect to deliver operational as well as financial efficiencies as costs are shared amongst the Group's other properties in Exeter.  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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