Forward funds development site in Portsmouth
27 April 2016
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Empiric commits to forward funded development in Portsmouth: Europa House
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 acquired the site and entered into a forward funding arrangement in relation to a development in Portsmouth, known as Europa House. The project comprises a 242 bed redevelopment to create a new premium student accommodation scheme, for a total investment of £21.25 million.
The Group has acquired the 199 year lease of the site and has simultaneously entered into a development agreement to forward fund the scheme. The existing building is located in central Portsmouth, equidistant between the University of Portsmouth and the Gunwharf Quays shopping and leisure centre. The property was previously offices, comprising a 12 storey office block and a three storey annex, all of which will be converted to student accommodation in the form of studios and two, three and four bed apartments.
Stuart Properties Ltd will be responsible for the development. The full amount required for the development will be invested in stages against development milestones.
This acquisition is the Group's second in Portsmouth and, once complete, will take the number of beds owned by the Group in the city to 283, all of which will be managed through the Hello Student® operating platform. The development is expected to be delivered for summer 2017, in time for the 2017/18 academic year.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"This property is the Company's second acquisition in Portsmouth. With a history dating back to 1869, the University of Portsmouth now boasts over 20,000 students on campus, of which over 80% are in full-time study, 16% are postgraduates and 18% come from outside the UK. We are pleased to enhance our presence in the city and expect to be able to derive operational efficiencies between the two properties, in due course. 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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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. 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.
This information is provided by RNS
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