Student accommodation property in Canterbury
1 September 2016
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Empiric acquires student accommodation property in Canterbury: Pavilion Court
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 freehold of a 79 bed student accommodation property in Canterbury for £9.2 million (excluding costs).
Pavilion Court was developed by the vendor, Pavilion Property Group, for the 2013/14 academic year. The property comprises 79 beds in a mix of studios and one, two, three and four-bed apartments. The property also includes a ground floor commercial unit currently let to Sainsbury's on a lease extending to 2027, with the next rent review due in February 2017.
The property is located on St Dunstan's Street in central Canterbury. The University of Kent is a 20 minute walk away and there is a regular university bus which stops outside the property. Canterbury Christ Church University is a 15 minute walk away, through the city centre.
The property has let well historically, being 100% let for both the 2014/15 and 2015/16 academic years, and is letting in line with Empiric's expectations for 2016/17. Hello Student® will be responsible for lettings and management of the property, which, to date, has been marketed by a local estate agent on behalf of the vendor.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Pavilion Court is the Group's first acquisition in Canterbury, a city with over 25,000 full-time students and two large universities, the University of Kent and Canterbury Christ Church University, as well as the Canterbury campus of the University for the Creative Arts. Canterbury's bustling, cosmopolitan atmosphere is popular with students and the city has easy access to London via rail as well as continental Europe via Eurostar. According to the latest statistics from HESA (2014/15), the University of Kent has 24% international students and 21% postgraduate students. 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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Newgate (PR Adviser) |
Tel: 020 7680 6550 |
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James Benjamin Zoë 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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