Empiric acquires development site in Durham
29 June 2015
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Empiric acquires development site in Durham: Framwellgate
The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has conditionally exchanged contracts on the purchase of the freehold of a site on Framwellgate in Durham which will provide for a 131 bed premium, purpose-built student accommodation development, at a cost of £1.225 million (excluding fees). The acquisition of the site is subject to, inter alia, planning consent and is expected to complete by February 2016.
The scheme will comprise groups of 4 to 18 en-suite bedrooms together with top floor self-contained studios, arranged as "town houses" with each "town house" having its own communal facilities. In total, the scheme is expected to comprise 116 bedrooms and 15 studios.
On receipt of planning permission, the Company will carry out the development directly, its 3rd direct development to date. It is anticipated that construction works will commence in the second quarter of 2016 with a view to practical completion in June 2017 in advance of the 2017/18 academic year.
The site is located on Framwellgate, close to Durham railway station and city centre, and a 15 minute walk to the University of Durham, ranked 6th in The Times Good University Guide 2015. Once the development is complete, the scheme will complement the Group's existing student accommodation property in Durham, St Margaret's Flats, and will provide the Company with an opportunity to combine operations and achieve economies of scale.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Durham markets itself as a traditional collegiate university, yet many of the colleges and private sector accommodation are not consistent with that image. We believe that premium apartments and studios arranged around a staircase in a collegiate town house, with the usual Empiric communal facilities is the right offer for this city. Demand for student accommodation in Durham remains high and Framwellgate has an ideal central location. The 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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Sara Hourigan |
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Andre Hamlyn |
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Further information on Empiric 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, 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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