Empiric Student Property PLC TRADING UPDATE (9113C)

TIDMESP

RNS Number : 9113C

Empiric Student Property PLC

04 October 2018

4 October 2018

Empiric Student Property plc

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

TRADING UPDATE

The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, is pleased to provide the following update on trading.

Bookings for the 2018/19 Academic Year have reached 96% as at 3 October 2018, which is significantly ahead of last year. New reservations are continuing and the Company is on track to achieve the full occupancy target of 97%*. These later reservations relate to specific assets within the Company's portfolio where lettings to international and postgraduate students continue through October and into November.

On 1 September 2018 Hello Student(R) assumed the marketing and lettings management of the Company's entire portfolio and successfully took control of facilities management for 27 properties. The facilities management provision for the remaining 57 properties remains on schedule to be brought in-house by 31 March 2019. The wider programme is progressing well, with the call centre now live, the database established and contracts continuing to be rationalised.

The Group continues to make good progress on delivering financial and operational improvements across the business and remains on track to meet its previously stated targets.

* In line with industry standards, student occupancy levels of 97% and above are considered as fully let.

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 
 Empiric Student Property plc                (via Newgate below) 
 Tim Attlee (Acting Chief Executive 
  Officer & Chief Investment Officer) 
 Lynne Fennah (Chief Financial & Operating 
  Officer) 
  Jefferies International Limited             Tel: [phone] 
 Gary Gould 
 Stuart Klein 
 
 Newgate (PR Adviser)                        Tel: [phone] 
 James Benjamin                              Em: [e-mail] 
 Anna Geffert 
 

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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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October 04, 2018 02:00 ET (06:00 GMT)