Acquires forward funded development in Sheffield
14 December 2015
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Empiric acquires forward funded development in Sheffield: Provincial House
The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts on Provincial House, a 107 bed forward funded development in Sheffield, for a total investment of £11 million.
The Group will acquire the freehold to the site which is located in central Sheffield, immediately next to the University of Sheffield's north campus. Sheffield has two universities, Sheffield University, a member of the Russell Group and ranked 21st on the Times Good University Guide 2015, and Sheffield Hallam University, ranked 62nd by the Times. The existing property comprises the vacant and listed Provincial House office building, which extends over five floors, as well as a small two storey building adjacent to Provincial House. The development will involve the conversion and refurbishment of the entire property into 24 units, together with the construction of three new blocks to provide a further 83 units.
Hartshead Provincial Apartments Ltd will undertake the construction of the property on behalf of Empiric, to the Company's specifications. The full amount required for the development 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.
The property is scheduled to be completed in summer 2017, in time for the 2017/18 academic year.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"This acquisition further increases our footprint in Sheffield, a city with two universities and nearly 48,000 full time students, the 6th biggest student population outside London. This will mean that, together with Portobello House, the Group will own 241 operating beds in Sheffield, once all properties reach completion in time for the 2017/18 academic year. The increased number of beds in the city will enable Empiric to derive operational efficiencies from the portfolio, as well as moving us closer towards our strategic target of providing 300 to 400 beds in each city or town where we operate. This acquisition is in line with Empiric's investment criteria and returns profile."
For further information on the Company, please contact:
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Empiric Student Property plc |
(via Newgate below) |
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Paul Hadaway (Chief Executive) |
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Tim Attlee (Chief Investment Officer) |
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Michael Enright (Chief Financial Officer) |
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Akur Limited (Joint Financial Adviser) |
Tel: 020 7493 3631 |
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Tom Frost |
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Anthony Richardson |
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Siobhan Sergeant |
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Jefferies International Limited (Joint Financial Adviser and Broker) |
Tel: 020 7029 8000 |
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Gary Gould |
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Stuart Klein |
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Alex Collins |
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Newgate (PR Adviser) |
Tel: 020 7680 6550 |
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James Benjamin |
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Alex Shilov Lydia Thompson |
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Further information on Empiric can be found on the Company's website at www.empiric.co.uk.
Notes:
Empiric Student Property plc (incorporated in England & Wales) is an internally managed real estate investment trust ("REIT") investing in modern, direct-let, premium, student accommodation, both standing and development assets, 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.
This information is provided by RNS
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