LONDON (Alliance News) - Student accommodation operator Empiric Student Property PLC on Tuesday said it has purchased the freeholds of three student accommodation properties in Leicester for GBP8.8 million.
Empiric Student said the three properties, which comprise of 106 beds, have "an excellent occupational track record" and are fully let for the 2015/16 academic year with 90% already pre-let across the portfolio for 2016/17.
One of the properties is Bede Park, which is a converted 1900s industrial unit and provides 59 beds as well as communal facilities including a large gym, cinema room and a communal living area. There is a ground floor retail unit, which is currently let to The Co-operative food store, Empiric Student said, adding that the property is located to the west of the Soar River and is a ten minute walk to De Montfort University.
The other two properties are located on New Walk and are both conversions of three storey Victorian mid-terraces, with 30 beds and 17 respectively, Empiric Student said. Both properties offer communal facilities including a gym and cinema room and are located close to the University of Leicester.
Empiric Student said all three properties are being purchased from a Leicester-based property company, which will continue to manage the operation of the properties on behalf of Empiric until the end of the current academic year.
"This acquisition brings the beds owned in Leicester by Empiric to 280, and we are exploring further opportunities in this popular student city. This acquisition is in line with Empiric's investment criteria and returns profile," said Chief Executive Paul Hadaway.
Shares in Empiric Student were flat at 114.75 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Empiric (ESP)