Empiric acquires 240 bed student accommodation in Southampton for £10.6m
Source - SMW
Empiric Student Property plc, the owner and operator of student accommodation across the UK, announced Monday that it acquired the freehold of a 240 bed student accommodation property in Southampton, for £10.6 million.
Post-acquisition, Empiric will own 459 beds in Southampton amounting to approximately 9% of Southampton's private PBSA.
The property comprises affordable student accommodation configured in three and four bed apartments with 65 commercially let car parking spaces.
Tim Attlee, Acting Chief Executive of Empiric Student Property plc, said: 'As envisaged in the Company's 2025 Plan, adding affordable accommodation to Empiric's existing studio stock in the City widens the rental range offered to students and allows cross-selling between accommodation formats.'
'The Property will also contribute to a reduction of the Company's per-bed operating costs in the City. The investment is immediately income producing and in line with Empiric's investment criteria and returns targets.'
At 8:58am: (LON:ESP) Empiric Student Property Plc share price was +0.85p at 84.35p