LONDON (Alliance News) - Empiric Student Property PLC said Friday it has acquired the freehold of a 44-bed student accommodation property in Oxford for GBP4.5 million.
Empiric said it acquired the Stonemason House property from a local housing association. The property is leased to St Cross College of the University of Oxford on a three-year basis, with this lease due to expire in September 2017, the company said.
Empiric said Stonemason House, which is located off Cowley Road, was built in 2011 and comprises of four, five, six and seven-bed en-suite apartments.
The property will be managed through Empiric's Hello Student operating platform, it said.
"The property benefits from an existing lease with St Cross College, guaranteeing full occupancy for the term of the lease. We are very pleased to have been able to acquire this property in a market with limited private sector, purpose-built student accommodation," Chief Executive Paul Hadaway added.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Empiric (ESP)