Empiric Student Property PLC Acquisition (1518A)

TIDMESP

RNS Number : 1518A

Empiric Student Property PLC

22 December 2017

22 December 2017

Empiric Student Property plc

("Empiric" or the "Company" or, together with its subsidiaries, the "Group")

Empiric acquires student accommodation property in Edinburgh: 53-65 South Bridge

The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the feuhold (the Scottish equivalent to a freehold) of a 64 unit student accommodation property in Edinburgh for GBP7.15 million (excluding costs).

53-65 South Bridge comprises 29,000 sq.ft. of "upper parts" (2nd, 3rd and attic floors) of five adjoining tenement buildings on South Bridge between Drummond Street and Infirmary Street. Each of the tenement buildings has its own entrance from the street, with separately owned retail units below. The property was originally constructed in the late 18th century and is Grade B (II) listed. Currently accommodating 71 students, the accommodation consists of 52 studios (including 5 dual occupancy studios), and 12 apartments of two and four beds.

The building is located directly opposite Old College, the original centrepiece of the University of Edinburgh. The location provides immediate accessibility to all university buildings but is also convenient for the city centre and less than a ten-minute walk from Edinburgh's Waverley Station.

The property is leased to the University of Edinburgh until March 2020 on an Internal Repairing Lease. Upon completion of the transaction, the University of Edinburgh will continue to operate the building until 2020. At the expiry of the lease, it is intended that the building will be refurbished by the Company and thereafter Hello Student(R) will become responsible for its management.

The University of Edinburgh attracted more than 27,000 full-time students in 2015/16 (latest available HESA data) and student numbers have grown by 20% in the five-year period to 2015/16. The University is ranked 23(rd) in the world by the QS World University Rankings, and 24(th) in The Times. International students represent a significant 38% of the university's student body. Overall, Edinburgh is home to 50,000 full-time students.

Tim Attlee, Acting Chief Executive of Empiric Student Property plc, commented:

"South Bridge is our third acquisition in Edinburgh, a city of high quality higher education and a vibrant cultural capital. The property benefits from an existing lease with the University of Edinburgh, guaranteeing full occupancy for its remaining term. We are very pleased to acquire this property in a market with limited private sector, purpose-built student accommodation. This acquisition is in line with Empiric's investment criteria and returns profile."

For further information on the Company, please contact:

 
 Empiric Student Property          (via Newgate below) 
  plc 
 Tim Attlee (Acting Chief 
  Executive Officer) 
 Lynne Fennah (Chief Financial 
  Officer) 
 
 Akur Limited (Joint Financial     Tel: [phone] 
  Adviser) 
 Tom Frost 
 Anthony Richardson 
 Siobhan Sergeant 
 
 Jefferies International Limited   Tel: [phone] 
  (Joint Financial Adviser 
  and Broker) 
 Gary Gould 
 Stuart Klein 
 
 Newgate (PR Adviser)              Tel: [phone] 
 James Benjamin                    Em: [e-mail] 
 Anna Geffert 
 Lydia Thompson 
 

The Company's LEI is 213800FPF38IBPRFPU87.

Further information on Empiric can be found on the Company's website at www.empiric.co.uk.

Notes:

Empiric Student Property plc is a leading provider and operator of modern, direct-let, nominated or leased student accommodation across the UK. Investing in both operating and development assets, Empiric is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student(R) operating platform in partnership with universities, (ii) offering a variety of second and third year purpose built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.

The Company, an internally managed real estate investment trust ("REIT") incorporated in England and Wales, 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 22, 2017 02:00 ET (07:00 GMT)