Last checked at 28 Apr 2015 07:00
28 April 2015
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Empiric acquires student accommodation development in Bristol: William & Matthew House
The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired the freehold of a development site and entered into a forward funded arrangement in respect of a development known as William & Matthew House, in Bristol. It is to be developed into a prime, purpose-built student accommodation asset by regional developer, Urban Creation, and designed to the Company's agreed specification.
The site is located on Host Street, Clifton within a five minute walk of the University of Bristol's main city campus. The property is also within a five minute walk of College Green, the Group's 84 bed operating student accommodation property in Bristol, which will provide the Company with an opportunity for combining operations and achieving economies of scale.
The Group has entered into agreements to forward fund the high-specification development, which will comprise 75 beds, consisting mainly of self-contained studios, and high quality communal space. Practical completion is expected in time for the 2016/17 academic year. The full investment required for the development is £7.85 million, which will be invested in stages against development milestones. The Company will receive an income return from the developer on funds invested during the development period.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Bristol was one of the first cities in which the Empiric team invested and, with a student population of some 47,000, remains a target city for the Group. The University of Bristol is ranked in the top 20 of The Times Good University Guide and is close to the city centre, making it a popular choice for students. We are pleased to be working again with Urban Creation, from whom we acquired our London Road, Southampton property. This acquisition is in line with Empiric's investment criteria and returns profile."
For further information on the Company, please contact:
Empiric Student Property plc | (via Newgate below) |
Paul Hadaway (Chief Executive) |
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Tim Attlee (Chief Investment Officer) |
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Michael Enright (Chief Financial Officer) |
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Akur Limited (Joint Financial Adviser) | Tel: 020 7493 3631 |
Tom Frost |
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Anthony Richardson |
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Siobhan Sergeant |
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Jefferies International Limited (Joint Financial Adviser and Broker) | Tel: 020 7029 8000 |
Gary Gould |
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Stuart Klein |
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Alex Collins |
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Newgate (PR Adviser) | Tel: 020 7680 6550 |
James Benjamin | Em: empiric@newgatecomms.com |
Andre Hamlyn |
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Lois Engstrand |
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Further information on Empiric can be found on the Company's website at www.espreit.co.uk.
Notes:
Empiric Student Property plc (incorporated in England & Wales) is an internally managed real estate investment trust ("REIT") investing in modern, premium, student accommodation, with a focus on quality and with assets generally in prime central locations in top university cities and towns in the UK. The Company listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.