Empiric acquires property in Stirling
3rd August 2015
The Board of Empiric Student Property plc is pleased to announce that the Group has concluded missives (equivalent to exchange of contracts under English law) to acquire the freehold of part of a site off Forthside Way in Stirling, which the Group proposes to develop into a direct-let, premium student accommodation scheme with approximately 200 beds, comprising a mix of studios and apartments. The full site has planning consent for 214 residential apartments and it is likely that the balance of the site will be developed as a residential scheme with the opportunity to share infrastructure costs.
The site, which is located in the Forthside Regeneration Area, is on the banks of the River Forth, with the benefit of a riverside walkway and adjacent leisure amenities such as restaurants and a cinema. The site is close to the railway station, which links directly to the main campus of the University of Stirling, from which the site is also a short bus ride away. The University of Stirling is currently ranked 53rd in The Times Good University Guide. With very little existing or planned purpose-built student accommodation in Stirling, this development represents an attractive opportunity for the Group.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Stirling is a thriving, compact and welcoming city with a wide range of commercial and cultural facilities. The University of Stirling has over 11,000 students (HESA 2013-14) of whom over 30% are postgraduates. This is the Group's first investment in Stirling, which has a very limited supply of purpose-built student accommodation. The city is also a 45 minute train journey to Glasgow, which will facilitate joint management opportunities with the Group's operations located there. The acquisition is in line with Empiric's investment criteria and returns profile."
Questions? Get in touch using the contact details below.
Questions? Get in touch.
Empiric Head Office
Empiric Student Property plc
1st Floor, 72 Borough High Street London, SE1 1XF
+44 (0)20 3828 8700
+44 (0)20 7379 5151
Stuart Klein/Tom Yeadon
Jefferies International Limited
020 7029 8000
Charlie Foster / Marcus Jackson
RBC Europe Limited (trading as RBC Capital Markets)
020 7653 4000