Further Acquisition

RNS Number : 6763Q

Empiric Student Property PLC

03 September 2014

 



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3 September 2014

Empiric Student Property plc

("ESP" or the "Company")

ESP acquires 56 bed student accommodation property in Aberdeen

The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company has acquired the freehold of Centro Court, a direct-let, premium student accommodation property in Aberdeen, for consideration of £6.5m.

The purpose-built student accommodation property has been bought from Scape Homes, which developed the property in 2013.  It comprises 56 self-contained studio apartments together with bike storage facilities, communal entertainment and laundry areas.  The property, on Loch Street, Aberdeen is located close to Aberdeen College, within walking distance of Aberdeen University and a 10-15 minute bus ride from the main campus of Robert Gordon University.  The property is also within easy reach of local amenities and transport links.

The property is let for 51 weeks of the year and is 100% pre-let for the 2014/15 academic year.  It is currently managed by Aberdeen Property Lettings who will continue in this role for the foreseeable future.

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

"Centro Court is a great addition to our portfolio, offering students premium quality accommodation, in a strong city location in Aberdeen, with a net initial yield in line with our investment policy parameters.  We look forward to securing further opportunities with Scape Homes, a local developer in Aberdeen."

For further information on the Company, please see the website at www.espreit.co.uk or contact:

Empiric Student Property plc	(via Citigate Dewe Rogerson)
Paul Hadaway (Chief Executive)
Tim Attlee (Chief Investment Officer)
Michael Enright (Chief Financial Officer)
Dexion Capital (Joint Financial Adviser and Broker)	Tel: [phone]
Ravi Anand
Robert Peel
Akur Limited (Joint Financial Adviser)	Tel: [phone]
Tom Frost
Anthony Richardson
Siobhan Sergeant
Citigate Dewe Rogerson (Financial PR)	Tel: [phone]
Grant Ringshaw	Email: [e-mail]
Toby Moore
Shelly Chadda

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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