LONDON (Alliance News) - Empiric Student Property PLC on Wednesday said it has agreed to acquire a development site in Exeter for GBP1.5 million.
Empiric has bought the freehold on a site in Well Street and is in the process of applying for planning permission for a student accommodation site which would comprise around 68 beds. It is anticipated the development will be completed in time for the 2017/18 academic year.
The site is located a 10-minute walk from the University of Exeter's main campus and is close to other Empiric schemes in the city.
"Once all five of our assets in the city are operational, we expect to deliver operational as well as financial efficiencies as costs are shared amongst the Group's other properties in Exeter. This acquisition is in line with Empiric's investment criteria and returns profile," said Paul Hadaway, Empiric's chief executive.
Empiric shares were down 1.1% to 111.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Empiric (ESP)