Empiric Student Property PLC Acquisition (1518A)
22 December 2017 - 6:00PM
UK Regulatory
TIDMESP
RNS Number : 1518A
Empiric Student Property PLC
22 December 2017
22 December 2017
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
Empiric acquires student accommodation property in Edinburgh:
53-65 South Bridge
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 feuhold (the
Scottish equivalent to a freehold) of a 64 unit student
accommodation property in Edinburgh for GBP7.15 million (excluding
costs).
53-65 South Bridge comprises 29,000 sq.ft. of "upper parts"
(2nd, 3rd and attic floors) of five adjoining tenement buildings on
South Bridge between Drummond Street and Infirmary Street. Each of
the tenement buildings has its own entrance from the street, with
separately owned retail units below. The property was originally
constructed in the late 18th century and is Grade B (II) listed.
Currently accommodating 71 students, the accommodation consists of
52 studios (including 5 dual occupancy studios), and 12 apartments
of two and four beds.
The building is located directly opposite Old College, the
original centrepiece of the University of Edinburgh. The location
provides immediate accessibility to all university buildings but is
also convenient for the city centre and less than a ten-minute walk
from Edinburgh's Waverley Station.
The property is leased to the University of Edinburgh until
March 2020 on an Internal Repairing Lease. Upon completion of the
transaction, the University of Edinburgh will continue to operate
the building until 2020. At the expiry of the lease, it is intended
that the building will be refurbished by the Company and thereafter
Hello Student(R) will become responsible for its management.
The University of Edinburgh attracted more than 27,000 full-time
students in 2015/16 (latest available HESA data) and student
numbers have grown by 20% in the five-year period to 2015/16. The
University is ranked 23(rd) in the world by the QS World University
Rankings, and 24(th) in The Times. International students represent
a significant 38% of the university's student body. Overall,
Edinburgh is home to 50,000 full-time students.
Tim Attlee, Acting Chief Executive of Empiric Student Property
plc, commented:
"South Bridge is our third acquisition in Edinburgh, a city of
high quality higher education and a vibrant cultural capital. The
property benefits from an existing lease with the University of
Edinburgh, guaranteeing full occupancy for its remaining term. We
are very pleased to acquire this property in a market with limited
private sector, purpose-built student accommodation. This
acquisition is in line with Empiric's investment criteria and
returns profile."
For further information on the Company, please contact:
Empiric Student Property (via Newgate below)
plc
Tim Attlee (Acting Chief
Executive Officer)
Lynne Fennah (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
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Em: empiric@newgatecomms.com
Anna Geffert
Lydia Thompson
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, direct-let, nominated or leased student accommodation
across the UK. Investing in both operating and development assets,
Empiric is a multi-niche student property company focused on, (i)
providing good quality first year accommodation managed through its
Hello Student(R) operating platform in partnership with
universities, (ii) offering a variety of second and third year
purpose built accommodation options for individual students and
those wanting a group living environment, and (iii) continuing to
expand the Group's existing premium, studio-led accommodation
portfolio which is attractive to international and postgraduate
students.
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
The company news service from the London Stock Exchange
END
ACQUAAURBBAUUUA
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