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Empiric acquires development in Portsmouth

13th August 2015

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire on practical completion the freehold of a property which comprises a high quality turnkey student accommodation scheme converted from the former Portsmouth Land Registry on St Michael's Road, in central Portsmouth.  The property is currently owned and is being developed by REL Portsmouth Limited and practical completion is expected in September 2015, in time for the 2015/16 academic year. The Registry is located in the heart of the Portsmouth University campus, between the Student Union and the university's research institute.  Its city centre location means that it is also close to the harbour and associated transport links, bars and restaurants.

The property is being developed to a high specification and comprises 41 self-contained studio apartments of varying sizes, with communal facilities.  The property is currently taking bookings for the 2015/16 academic year and is already approximately 85% pre-let.

Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:

"Portsmouth University is one of the top ranked post-1992 universities in the UK according to The Times Good University Guide, attracting around 22,000 students in 2013/14, with facilities such as a Dental Academy and the UK's first Brain Tumour Research Centre of Excellence.  As well as enjoying an impressive reputation for its health department, the university has recently undergone a redevelopment with the opening of new facilities and the refurbishment of existing facilities such as its library.  In 2014, the number of applications to the university increased by approximately four times the national average, making Portsmouth an attractive target city for Empiric.  This acquisition is in line with Empiric's investment criteria and returns profile."

 

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The Empiric plc management team has a long track record in the acquisition, development and management of student accommodation assets in the UK.

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