Last checked at 20 Aug 2015 07:00
20 August 2015
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
Empiric to acquire student accommodation property on practical completion in Bath: James House
The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire on practical completion the freehold on a site to be developed into a high quality turnkey student accommodation scheme on James Street West, in Bath, for a total investment of £25 million (excluding acquisition costs). The property is currently owned and is being developed by James House Limited and practical completion is expected for September 2016, in time for the 2016/17 academic year.
The property is located in central Bath, just to the west of the city centre, and within a short walk to Bath Spa railway station. It is equidistant from Bath's two universities, the University of Bath and Bath Spa University, with a 20 minute bus journey to either campus.
The proposed new build development will comprise three blocks of up to four storeys around a central courtyard area, with 169 beds in a mix of multi-bed townhouses and self-contained studios, with communal facilities. The property is being developed to Empiric's current high quality specifications.
James House Limited, together with CRM as letting agent, will be responsible for the marketing and letting of the scheme for the 2016/17 academic year, with a marketing suite available from January 2016. The Company will benefit from a rental guarantee for the first year of operation.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"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. The University of Bath, ranked 10th in The Times Good University Guide 2015, is in the middle of a £150 million capital investment programme, with consistent growth in student numbers. Bath Spa University has also recently completed a £70 million development programme and latest figures from UCAS show a significant increase in student applications. 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 |
Sara Hourigan |
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Andre Hamlyn |
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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, direct-let, premium, student accommodation, both standing and development assets, 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.