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Empiric acquires student accommodation property in Falmouth

17th August 2015

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has acquired the freehold of a high quality purpose-built student accommodation scheme on Pendennis Rise, in Falmouth.

The property is located next to the Falmouth Docks, within a few minutes' walk to the Woodlane campus of Falmouth University and the marine School, and with good public transport links to the Penryn campus, a mile from Falmouth, which is shared by Falmouth University and the University of Exeter.  It is also within a 10 minute walk of Falmouth town and its amenities. 

Maritime Studios comprises 146 large, self-contained studio apartments, with communal facilities, and the Group has acquired the freehold to all the studios.  However, 14 of the studios have been sold off on long leases, resulting in 132 beds under Empiric's ownership.  Maritime Studios is a high yield property which was fully let for the 2014/15 academic year and is already 100% pre-let for the 2015/16 academic year. 

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

"This is Empiric's first acquisition in Falmouth, home to Falmouth University, one of the leading modern universities with a highly regarded multi-arts focus.  The nearby Penryn Campus is shared by Falmouth University and the University of Exeter, a Russell Group university, ranked 7th in The Times Good University Guide 2015.  While the current student population in Falmouth is just over 5,000, Falmouth University has published plans to increase its intake to a total of 8,000 by 2018 and there is a limited supply of new purpose-built student accommodation. 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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