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17 July 2014
Empiric Student Property plc
("ESP" or the "Company")
ESP acquires 106 bed student accommodation property in Birmingham
The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company has exchanged contracts to acquire the freehold of a direct-let, premium student accommodation property in Selly Oak, Birmingham, for consideration of £12m. The acquisition is due to complete on 23 July 2014.
The purpose-built student accommodation property, which is being bought from MSAF008 Mansion Brook Selly Oak Limited, a subsidiary of The Mansion Group, comprises 106 studio beds together with secure parking and bike storage facilities, communal kitchen and laundry areas. The property, on Bristol Road, Selly Oak, is located within 5 minutes' walk from the University of Birmingham and is next to Edge Apartments which ESP has exchanged contracts to purchase.
The property is let for 51 weeks of the year and was 100% occupied for the 2013/14 academic year, and is well let for the 2014/15 academic year. Collegiate AC will manage both properties for ESP bringing cost savings from the joint operation.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"The Mansion Brook property is an ideal fit for our portfolio, offering students premium quality accommodation, in a bustling student area, with a net initial yield in line with our investment policy parameters. 5 minutes walk from University of Birmingham and with a number of other higher education institutions within a short commutable distance, we believe that Selly Oak, Birmingham is a prime area for investment."
For further information on the Company, please see the website at www.espreit.co.uk or contact:
Empiric Student Property plc | (via Citigate Dewe Rogerson) |
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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Citigate Dewe Rogerson (Financial PR) | Tel: 020 7638 9571 |
Grant Ringshaw | Email: ESP@citigatedr.co.uk |
Toby Moore |
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Shelly Chadda |
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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.