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25 September 2014
Empiric Student Property plc
("ESP" or the "Company")
ESP acquires 98 bed student accommodation property in Nottingham
The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company has exchanged contracts to acquire the freehold of Talbot Studios, an operating, direct-let, premium student accommodation property in Nottingham, for consideration of £8.2m.
The purpose-built student accommodation property, which opened in 2012, is to be acquired from Romiga Studios Limited. It comprises 98 self-contained studio apartments together with various communal facilities. The property, on Talbot Street, Nottingham, is located close to Nottingham Trent University's main campus (which includes Nottingham Law School) and is a short bus ride to Nottingham University's main University Park and Jubilee campuses. The property is also within easy reach of local amenities and transport links.
The property is let for 51 weeks of the year and is 100% let for the 2014/15 academic year. The property will continue to be managed by Corporate Residential Management Limited ("CRM").
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"The acquisition of Talbot Studios represents further diversification of our expanding portfolio of student accommodation assets, within our investment parameters. Nottingham is home to a number of top ranking universities and colleges, with a thriving student population."
Further to the announcement on 22 August 2014, the Company plans to issue a trading update during the week commencing 29 September 2014.
For further information on the Company, please see the website at www.espreit.co.uk or contact:
Empiric Student Property plc | (via Newgate Communications) |
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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Dexion Capital (Joint Financial Adviser and Broker) | Tel: 020 7832 0900 |
Ravi Anand |
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Robert Peel |
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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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Newgate Communications (Financial PR) | Tel: 020 7680 6521 |
James Benjamin | Email: james.benjamin@newgatecomms.com |
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 city centre locations in top university cities 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 on 30 June 2014.