Empiric Student Property Buys First Development In Bath

LONDON (Alliance News) - Empiric Student Property PLC on Thursday said it has exchanged contracts on the practical completion of a freehold site to be developed in Bath for a total investment of GBP25.0 million.

The student accommodation scheme is located in central Bath and is equidistant from both the University of Bath and Bath Spa University.

It is currently owned and being developed by James House Ltd, with practical completion targeted for September 2016, in time for the 2016-17 academic year.

"This is Empiric's first investment in Bath, a prime target university city for the company, with two key universities and a number of other higher education institutions, resulting in full-time student population of over 20,000," said Chief Executive Paul Hadaway.

Empiric shares were up 0.9% to 111.00 pence on Thursday morning.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.