Empiric Student Property PLC Empiric to acquire property in Bath: James House (5570W)
20 August 2015 - 4:01PM
UK Regulatory
TIDMESP
RNS Number : 5570W
Empiric Student Property PLC
20 August 2015
20 August 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 Bath: James House
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 freehold on a site to be
developed into a high quality turnkey student accommodation scheme
on James Street West, in Bath, for a total investment of GBP25
million (excluding acquisition costs). The property is currently
owned and is being developed by James House Limited and practical
completion is expected for September 2016, in time for the 2016/17
academic year.
The property is located in central Bath, just to the west of the
city centre, and within a short walk to Bath Spa railway station.
It is equidistant from Bath's two universities, the University of
Bath and Bath Spa University, with a 20 minute bus journey to
either campus.
The proposed new build development will comprise three blocks of
up to four storeys around a central courtyard area, with 169 beds
in a mix of multi-bed townhouses and self-contained studios, with
communal facilities. The property is being developed to Empiric's
current high quality specifications.
James House Limited, together with CRM as letting agent, will be
responsible for the marketing and letting of the scheme for the
2016/17 academic year, with a marketing suite available from
January 2016. The Company will benefit from a rental guarantee for
the first year of operation.
Paul Hadaway, Chief Executive of Empiric Student Property plc,
commented:
"This is Empiric's first investment in Bath, a prime target
university city for the Company, with two key universities and a
number of other higher education institutions, resulting in
full-time student population of over 20,000. The University of
Bath, ranked 10(th) in The Times Good University Guide 2015, is in
the middle of a GBP150 million capital investment programme, with
consistent growth in student numbers. Bath Spa University has also
recently completed a GBP70 million development programme and latest
figures from UCAS show a significant increase in student
applications. This acquisition is in line with Empiric's investment
criteria and returns profile."
For further information on the Company, please contact:
Empiric Student Property plc (via Newgate below)
Paul Hadaway (Chief Executive)
Tim Attlee (Chief Investment
Officer)
Michael Enright (Chief Financial
Officer)
Akur Limited (Joint Financial Tel: 020 7493 3631
Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant
Jefferies International Limited Tel: 020 7029 8000
(Joint Financial Adviser and
Broker)
Gary Gould
Stuart Klein
Alex Collins
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: empiric@newgatecomms.com
Sara Hourigan
Andre Hamlyn
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
The company news service from the London Stock Exchange
END
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