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Empiric Acquires new development in Exeter

8th September 2015

The Board of Empiric Student Property plc is pleased to announce that the Group has acquired, subject to planning, a site on Bonhay Road, Exeter.  The site is to be developed into a 139 bed new-build premium student accommodation scheme and a forward funding development agreement is expected to be entered into shortly.

The Group will acquire the freehold of the scheme, which is located a short distance to the University of Exeter, Exeter College and the city centre and opposite Exeter St David's train station. The scheme comprises the construction of new purpose-built student accommodation built over four storeys and around a communal courtyard area. This acquisition represents the Group's fourth in Exeter and, once all properties are complete, will take the number of beds owned by the Group in the city to 332.

The property will be developed to Empiric's specifications and is expected to be completed in time for the 2017/18 academic year.

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

"This property represents the Company's fourth investment in Exeter, one of the top Russell Group university cities.  We expect the acquisition to deliver significant operational as well as financial efficiencies as costs are shared amongst the Group’s other properties in Exeter. 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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