ESP acquires student accommodation development

RNS Number : 5334X

Empiric Student Property PLC

20 November 2014

 



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20 November 2014

Empiric Student Property plc

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

ESP acquires student accommodation development in Huddersfield: Snow Island

The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Group has exchanged contracts to acquire the freehold of a forward funded development in Huddersfield, known as Snow Island. It is currently being developed into a prime, purpose-built student accommodation asset by developer AQH Mickelsfield.

The site is located in a prime location close to the University of Huddersfield and the 3M Buckley Innovation Centre and Business School. The Group has entered into agreements to forward fund the development, comprising 98 beds, with practical completion expected in August 2015 in time for the 2015/16 academic year.  The full investment required for the development is £7.5 million, which will be invested in stages against development milestones. The Company will receive an income return from the developer on funds invested during the development period.

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

"The University of Huddersfield is currently one of the fastest growing universities in the UK with a student population of over 24,000.  The development of this site, in an area with few high quality, purpose-built student accommodation assets, represents an attractive opportunity for the Group to further diversify our portfolio of assets, with returns that meet our investment criteria."

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)
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
Alex Collins
Newgate Communications (Financial PR)	Tel: [phone]
James Benjamin	Em: [e-mail]
Clotilde Gros
Georgia Lewis

Further information on ESP can be found on the Company's website at 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 central locations in top university cities and towns 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 in June 2014.

 

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