TIDMESP
RNS Number : 6495B
Empiric Student Property PLC
15 February 2022
15 February 2022
Empiric Student Property plc
("Empiric" or the "Company" or, together with its subsidiaries,
the "Group")
ACQUISITION OF NEW PURPOSE-BUILT STUDENT ACCOMMODATION ASSET IN
PRIME CITY CENTRE LOCATION IN BRISTOL FOR GBP19.0 MILLION
Empiric Student Property plc (ticker: ESP), the owner and
operator of premium student accommodation across the UK, is pleased
to announce that it has acquired the freehold of a new 92-bed
purpose-built studio asset in a prime location in Bristol city
centre from McLaren Property for GBP19.0 million. The purchase
price is being funded from the Company's existing resources.
The property, which was completed in September 2021, has 100% of
the beds let for the current academic year, and it is in line with
our strategy of driving operational performance and returns through
clustering our properties serving key UK universities, which have
strong and growing fundamentals. Currently, Empiric has two
operational assets in Bristol (159 beds), with a third in
development (153 beds) that is due to be completed in time for the
academic year 2022/23. With this acquisition, we will have a total
of 404 beds in the city for the academic year 2022/23.
Bristol has the 10(th) largest student population outside of
London, with a high and increasing number of domestic and
international students wanting to attend the fast-growing
University of Bristol. This is supporting strong and increasing
demand for high quality student accommodation, which, together with
persisting supply constraints in the city, has led to robust rental
growth, that is expected to continue.
The property, on Baldwin Street, is in a prime city centre
location close to the University of Bristol and the Company's other
assets in the city. The property is a new high-quality
purpose-built construction behind a retained façade, developed by
McLaren Property with strong ESG credentials and built to the
latest regulatory standards. It has an EPC B rating and is BREEAM
Very Good certified, with a range of energy saving initiatives and
wellbeing measures. The 92 studio beds are all designed with
students in mind with high-specification fixtures and fittings,
each with en-suite bathrooms and fitted kitchens. There are
high-quality communal areas and facilities throughout the property,
as well as an ancillary commercial unit.
The purchase price of the asset reflects a net initial yield of
4.75% on acquisition with significant reversionary potential for
the forthcoming academic year, through identified opportunities to
capture market rents as well as letting the commercial unit.
We will be responsible for the marketing and letting of the
property for the forthcoming academic year, with the property to be
direct let through our Hello Student(R) in-house operating platform
and brand.
Duncan Garrood, Chief Executive Officer of Empiric Student
Property plc, commented:
"We are pleased to acquire this new purpose-built studio asset
in a prime location in Bristol city centre, strengthening our
presence in this key university city and ensuring that we are in an
enhanced position to cater for the strong and increasing numbers of
both domestic and international students wanting to attend the
University of Bristol .
We see significant opportunities to deliver operational
efficiencies and enhanced income and capital returns from this
asset over the short and longer term, supported by our Hello
Student(R) brand and operating platform, our clustering strategy
and the ongoing attractive demand/supply fundamentals in Bristol,
in addition to letting the retail unit."
John Gatley, Chief Executive Officer of McLaren Property,
said:
"We are delighted to have completed the sale of this
high-quality fully-let Bristol city centre asset to Empiric,
demonstrating that well-located and high-quality student
accommodation remains in high demand from both students and
investors. We look forward to continuing to build relationships
with Empiric and other institutions as we expand our development
pipeline across key university cities."
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:
Empiric Student Property plc (via Maitland/AMO below)
Duncan Garrood (Chief Executive Officer)
Lynne Fennah (Chief Financial & Operating
Officer)
Jefferies International Limited 020 7029 8000
Tom Yeadon
Andrew Morris
RBC Europe Limited (trading as RBC
Capital Markets) 020 7653 4000
Charlie Foster
Marcus Jackson
07747 113 930 / 020 7379
Maitland/AMO (Communications Adviser) 5151
James Benjamin empiric-maitland@maitland.co.uk
Alistair de Kare-silver
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, predominantly direct-let, premium student accommodation
located in high-demand university towns and cities across the UK.
Investing in both operating and development assets, Empiric is a
fully integrated operational student property business focused on
premium studio-led accommodation managed through its Hello
Student(R) operating platform, that is attractive to affluent
growing student segments.
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.
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END
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(END) Dow Jones Newswires
February 15, 2022 01:59 ET (06:59 GMT)
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