Empiric to acquire property in Glasgow
11 September 2015
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Empiric to acquire student accommodation property on practical completion in Glasgow:
333 Bath Street
The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire on practical completion the long leasehold of a property which comprises the conversion of an office block into a high quality turnkey student accommodation scheme on Bath Street, in Glasgow. The property is currently owned and is being developed by Maven Capital Limited and practical completion is expected later in September 2015, in time for the start of the academic year.
The property is being developed to a high specification and comprises 70 self-contained studios of varying sizes, with excellent communal facilities and amenity space. Located halfway between Glasgow's West End and Glasgow city centre, it is very well positioned providing convenient access to all three of Glasgow's main universities as well as the city's retail and entertainment centre. In addition to the University of Glasgow in the West End, Glasgow is home to the University of Strathclyde and Glasgow Caledonian University, all of which are approximately a 10 minute commute from the property.
The acquisition price is £7.4 million and the Group will benefit from a 100% rental guarantee from the developer for the 2015/16 academic year
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"The acquisition of 333 Bath Street complements Empiric's other two student accommodation assets in Glasgow, The Ballet School and Willowbank, and will result in Empiric owning 351 operating beds in the city at the start of the 2015/16 academic year. Research into the Glasgow market shows that between approximately 20,000 and 25,000 full-time students are without access to purpose-built accommodation. With this demand/supply dynamic, Glasgow remains an attractive investment market for the Group. 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 |
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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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