LONDON (Alliance News) - Empiric Student Property PLC on Tuesday said it has struck a deal to acquire student accommodation developments in Reading and Manchester.
Empiric said it has paid GBP13.0 million to acquire the freehold on an 83-bed student accommodation property in Reading from developer Bywater Properties.
The development, Saxon Court, is Empiric's first acquisition in Reading and was newly-built for the 2015-16 academic year. It is fully-let for the current academic year and letting well for 2016-17, Empiric said.
Empiric has also paid GBP10.3 million to acquire the leasehold on a 117-bed premium student accommodation property in Manchester from Accrue Capital.
The property, Ladybarn House, was built in 1994 by the University of Manchester, which still handles the freehold.
The property is fully let for the 2015-16 academic year and is also letting well for 2016-17, Empiric said.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Empiric (ESP)