Commits to forward funded development, Birmingham
2 September 2016
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Empiric commits to forward funded development in Birmingham: The Emporium
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 entered into a forward funding arrangement with Linford CZero Ltd to develop a 185 bedroom scheme, The Emporium, in central Birmingham for a total investment of £19.53 million.
The project comprises the redevelopment of a complex of Grade II listed buildings and construction of a contemporary new 15 storey tower. The premium student accommodation scheme will include a mix of studios, duplex apartments and one, two and three bedroom apartments with communal spaces including a gym, cinema, library, games and work rooms, laundry facilities and a garden terrace on the third floor.
In addition, there are three ground and basement level commercial units which have consent for food and drink outlets and will be retained by the developer on a long leasehold basis.
The Emporium is located in central Birmingham, immediately adjacent to the new city centre campus of Birmingham City University and on the edge of the new Eastside City Park. Aston University and Birmingham Metropolitan College are both under 5 minutes' walk from the property which is also within easy walking distance of the Bullring shopping centre and Birmingham New Street train station.
Linford CZero Ltd, which is undertaking the Group's Welsh Baptist Chapel development in Manchester, will be responsible for the development of The Emporium. The full amount required for the development will be invested in stages against development milestones.
This acquisition is the Group's third investment in Birmingham and, once complete, will take the number of beds owned by the Group in the city to 368. The scheme will be marketed and managed through the Hello Student® operating platform and is expected to be delivered in spring 2018, in time for the 2018/19 academic year.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"This property is the Company's third acquisition in Birmingham and will enable the Group to target students from Birmingham City University and Aston University in addition to the University of Birmingham. Birmingham is a vibrant city with the highest student population outside of London with over 61,000 full-time higher education students. The Group's two existing properties have a strong lettings history and this acquisition is in line with Empiric's investment criteria."
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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Newgate (PR Adviser) |
Tel: 020 7680 6550 |
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James Benjamin |
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Zoe Pocock |
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Alex Shilov |
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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 is a leading provider and operator of modern, direct-let, premium student accommodation across the UK and is committed to providing shareholders with regular, sustainable and growing (at least in line with RPI) dividends, together with the potential for capital appreciation over the medium to long term. 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. The Company is a constituent of the FTSE All Share and FTSE EPRA/NAREIT indices.
This information is provided by RNS
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