LONDON (Alliance News) - Empiric Student Property PLC on Tuesday said it has entered into a three-year nomination agreement for its Maritime Studios property in Falmouth, with joint venture Falmouth Exeter Plus, to start in September.
Falmouth Exeter Plus is a joint venture between the University of Exeter and Falmouth University, which operates the Penryn Campus in Falmouth and provides shared services for students and staff, including accommodation.
Empiric Student, a student accommodation operator, said under the terms of its nomination agreement with Falmouth Exeter Plus, Maritime Studios will be directly let to students from Falmouth University through Falmouth Exeter.
Empiric Student added that it is guaranteed 100% of the annual fee income for the available accommodation for the three-year duration of the nomination agreement. The annual fee, which has been agreed at current market rates, will be subject to an annual increase of between 2.0% to 5.0%, Empiric Student said, with reference to the Retail Price Index.
"The nomination agreement provides Empiric with committed income for its current operating Falmouth property for a three-year period at current market rates, subject to annual increases, as well as providing Falmouth University students with access to premium student accommodation," said Chief Executive Paul Hadaway.
Shares in Empiric were down 0.8% at 111.86 pence on Tuesday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Empiric (ESP)