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Empiric raises £75 million of further equity

23rd July 2015

The Board of Empiric Student Property plc is pleased to announce that the Company has raised £75 million in equity capital through a placing and offer for subscription, which was over-subscribed and significantly exceeded the target of £50 million.

Commenting on today’s announcement, the Rt Hon the Baroness Dean of Thornton-le-Fylde, Chairman of Empiric Student Property plc, said:

“We have been delighted by the continued strong support from our existing shareholders and welcome a wide range of new investors who have subscribed for shares in Empiric for the first time. The dynamics of the premium student accommodation market remain very favourable with strong and steadily increasing demand for higher education, especially among international students, coupled with the supply of modern-built assets remaining constrained.”

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

“The Company's investment pipeline of operating properties and properties under development is very strong and we expect to commit the net proceeds of this fundraising by the end of the third quarter of 2015, whilst also delivering on the Company’s annual dividend target of at least 6 pence per Share for the financial year commencing 1 July 2015*.”

* The target dividend stated above is a target only and not a profit forecast. There can be no assurance that this target will be met and it should not be taken as an indication of the Company’s expected or actual future results.

 

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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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