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Empiric acquires student accommodation property in Manchester: Ladybarn House

29th March 2016

The Board of Empiric Student Property plc, the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the 145 year leasehold of a 117 bed, premium student accommodation property, Ladybarn House in Manchester.

As well as the two main universities, The University of Manchester and Manchester Metropolitan University, the city is home to several smaller institutions such as the Royal Northern College of Music.  The city, therefore, has the second highest student population outside London.

The property comprises 117 beds over three floors in a mix of studios, 1‐bed apartments and 4‐bed en‐suite apartments, with communal facilities.  The property also has four ground floor retail units which are fully let.  The property is located in the popular student suburb of Fallowfield, south Manchester, opposite The University of Manchester's residential Fallowfield Campus.

The property has an excellent occupational track record, is fully let for the 2015/16 academic year and is letting well for 2016/17.  CRM Student Ltd will continue to manage the property until it is moved onto the Hello Student® platform, currently envisaged to be for the 2016/17 academic year.

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

"Ladybarn House is our second acquisition in Manchester, a city with a high student population ‐ 61,990 full‐ time students in 2014/15, of which 23.5% are international and 17.5% are postgraduate (according to the latest available HESA statistics).  The property is located in the vibrant student suburb of Fallowfield, with its numerous bars, restaurants and shops as well as direct bus links to the city centre and the University of Manchester's main campus.  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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