Commits to three forward funded developments
28 November 2016
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Empiric commits to three forward funded developments in Leicester
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 three forward funding arrangements with a Leicester-based property company to develop a total of 170 beds in Leicester for an aggregate investment of £15.975 million.
134 New Walk and 140-142 New Walk are located immediately to the west and east, respectively, of the Group's recently acquired standing asset at 136-138 New Walk. These Victorian terrace properties are being converted and extended to the rear to the same specification as the standing asset, to form a contiguous run of high specification student accommodation from 134 to 142 New Walk. 134 New Walk will comprise a total of 16 studios, while 140-142 New Walk will comprise 42 studios and three 2-bed apartments. In total, Empiric will own 94 beds at 134 to 142 New Walk.
Princess Road East is a new build, high specification student accommodation scheme comprising 106 studios with generous communal facilities including a gym, cinema, common room and work rooms.
All three properties are adjacent to Victoria Park and close to the University of Leicester and De Montfort University. New Walk is a pedestrianised road linking Victoria Park and the nearby city centre.
The acquisition of the 140-142 New Walk and Princess Road East properties are conditional on the developer satisfying various conditions precedent in the Development Agreement. All three properties will be marketed and managed through the Hello Student® operating platform. 134 New Walk is expected to be delivered by May 2017, in time for the 2017/18 academic year and the other two properties by May 2018, in time for the 2018/19 academic year.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Following this acquisition, the Group will own 730 beds in Leicester, targeting both the University of Leicester and De Montfort University, with some 30,600 full-time students. The Group's existing operating properties have a strong lettings history and are all fully let for the 2016/17 academic year. 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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