New Chief Financial & Sustainability Officer
4 August 2022
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
APPOINTMENT OF NEW CHIEF FINANCIAL AND SUSTAINABILITY OFFICER
Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation serving key UK universities, is pleased to announce the appointment of Donald Grant as Chief Financial & Sustainability Officer Designate and Executive Director of the Company.
Donald is an experienced CFO having held board and executive level responsibilities across a breadth of senior finance roles, with a proven track record of over 20 years of working for FTSE 350 real estate companies, as well as major financial services firms.
Most recently he was CFO at RDI REIT plc (2015-2022), an income focused UK REIT, leading on all finance matters, including establishing and driving RDI's sustainability agenda, through to its eventual take private and delisting. Prior to this, Donald was Head of Finance at Liberty International plc, a FTSE 100 UK REIT, from 2008. Two years later, when the business was de-merged, he moved with Capital & Counties Properties plc (Capco) as its Group Financial Controller. Donald set up and managed the new FTSE 250 financial control and business planning function and advised the CFO, Executive and Board on financial matters. Previously, he was Head of Financial & Regulatory Control for Europe and Asia at Cantor Fitzgerald LP and BGC Partners, a US based inter-dealer broker (2006-2008). Early in his career, Donald spent eight years in senior finance roles most notably with ABN Amro Bank and Credit Suisse First Boston. Donald is a Chartered Accountant (NZ), having trained at Coopers & Lybrand.
Donald's appointment as Executive Director will be effective from 12 September 2022 and, following a handover period to ensure an orderly transition, Donald will replace Lynne Fennah, who, as announced on 23 May 2022, has decided to step down from her role to pursue other interests.
Duncan Garrood, CEO of Empiric Student Property plc, commented:
"On behalf of the Company, I am delighted to announce that we have appointed Donald as our new Chief Financial & Sustainability Officer . He is a strong, commercial and strategic CFO with a well-established successful track record in senior finance roles at FTSE 350 UK real estate companies, a combination that will be invaluable. We very much look forward to working closely with Donald as we continue to deliver benefits from the improvements we continue to make to our business and portfolio, further strengthening the performance and potential of Empiric.
I would also like to take this opportunity to thank Lynne for her invaluable contribution and commitment to the business over the last five years. We are all immensely grateful for Lynne's great work, which has been integral to the transformation of Empiric. I wish her all the best for the future."
Donald Grant said:
"I am delighted to be joining Empiric and I look forward to working with Duncan, the Board and all the team at Empiric, a business which has made impressive progress over the past five years and has so much potential for the future. I am looking forward to getting started and helping to support the business execute its strategy and deliver attractive sustainable returns to its shareholders."
Disclosures pursuant to Listing Rule 9.6.13 in respect of Donald Grant:
LR 9.6.13 (i): Previous directorships:
Donald was previously a Director of RDI REIT PLC which delisted from the London Stock Exchange in May 2021. Donald is no longer a Director of RDI REIT PLC.
LR 9.6.13 (iii): Creditors voluntary liquidations:
As part of his role at RDI REIT PLC, Donald was a Director of, inter alia, four single asset special purpose vehicles being Byron Place Seaham Limited, Seaham Limited, Grand Arcade Wigan Limited and Standishgate Wigan Limited. These SPVs held RDI REIT PLC's interests in four regional shopping centers. Following a period of declining valuations in the sector, a consensual agreement was reached with the lender to appoint a fixed charge receiver to market and sell the properties. Once that was completed Byron Place Seaham Limited & Seaham Limited entered into a creditors voluntary liquidation on 30th September 2020 and Grand Arcade Wigan Limited and Standishgate Wigan Limited entered into a creditors voluntary liquidation on 25th January 2021.
There are no other details to disclose under Listing Rule 9.6.13 in respect of Donald Grant's appointment.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
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Empiric Student Property plc |
(via Maitland/amo below) |
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Duncan Garrood (Chief Executive Officer) |
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Lynne Fennah (Chief Financial & Sustainability Officer) |
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Jefferies International Limited |
020 7029 8000 |
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Tom Yeadon |
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Andrew Morris |
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Peel Hunt LLP Capel Irwin Carl Gough |
020 7418 8900 |
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Maitland/amo (Communications Adviser) |
07747 113 930 / 020 7379 5151 |
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James Benjamin |
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Alistair de Kare-Silver |
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The Company's LEI is 213800FPF38IBPRFPU87.
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, predominantly direct-let, premium student accommodation serving key UK universities. Investing in both operating and development assets, Empiric is a fully integrated operational student property business focused on premium studio-led accommodation managed through its Hello Student® operating platform, that is attractive to affluent growing student segments.
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.
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