The board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of premium student accommodation across the UK, announces that Tim Attlee will be stepping down from his role as Chief Executive Officer of the Company.

Tim will remain in his position until the end of June 2020 to help to ensure an orderly handover takes place. The Board will, with immediate effect, commence a search for his successor.

Tim co-founded and helped float Empiric in 2014. As the Company's Chief Investment Officer, Tim led the acquisition of all the assets by the Group and oversaw the Company's development programme. In December 2017, Tim was appointed acting Chief Executive Officer and was appointed as Chief Executive in November 2018. Together with Lynne Fennah, Chief Financial & Operating Officer, Tim has been responsible for executing a transformation of the Group and the significant improvements to the Company's operational and financial performance.

Mark Pain, Chairman of Empiric Student Property plc, commented:

"The Board and I are extremely grateful for the significant contribution Tim has made to the business, particularly over the last two years.

Tim, working closely with Lynne, has transformed the Group into a fully integrated operational property business. This work is now largely complete. We are now turning our attention to embedding the changes we have made to the business, driving further improvements to the financial and operational performance of the Group and delivering sustainable benefits to the Company's shareholders, customers and wider stakeholders in 2020 and over the longer term.

I am looking forward to working closely with Tim in the months ahead whilst also ensuring a smooth transition to the new CEO."

Tim Attlee, Chief Executive Officer, said:

"After six very rewarding years, and with the Company in a much stronger operational and financial position, now feels like the right time for me to step down and for a new CEO to lead the Group.

I'd like to thank the Board and our shareholders for the support they have shown me, and my colleagues for the role they have played in helping to transform the business.