12 May 2015 07:00
12 May 2015
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries, the "Group")
15-Year Fixed Rate £31.1 million Loan Facility agreed with Canada Life Investments
The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has agreed a 15-year fixed rate £31.1 million loan facility with Canada Life Investments ("Canada Life") (the "Canada Life Loan"), secured against a portfolio of eight standing assets held as a lending group through a wholly owned subsidiary, Empiric Investments (Two) Limited.
The Canada Life Loan has a fixed rate priced at 3.97 per cent. This rate is fixed up to a loan-to-value ratio of 50 per cent.
The amounts drawn down under the Canada Life Loan will be segregated and non-recourse to the Company.
As previously stated, the Company will maintain a conservative level of aggregate borrowings of no more than 40 per cent. of the gross asset value of the Company (calculated at the time of draw down).
Commenting on the transaction, Paul Hadaway, Chief Executive of the Company, said:
"We are delighted to welcome Canada Life as our lending partner for this long term facility - comprising a modest but important part of the overall funding structure of Empiric. The Board continues to seek to optimise the capital structure of the Company to ensure both longer and shorter term facilities can be employed as appropriate."
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.
Empiric (ESP)