The Board of Empiric Student Property plc is pleased to announce that the Group has acquired the freehold of a 241 bed, premium student accommodation property in St Andrews for £26.0 million (excluding costs).

The town is home to the University of St Andrews, Scotland's oldest university which was ranked fourth in the Times Good University Guide 2016 and named as the best Scottish University. St Andrews is very popular with international students which make up over 40% of the student population of approximately 8,500.

Ayton House, Empiric's first acquisition in St Andrews, was newly completed for the 2015/16 academic year and comprises a mixture of studios and 4 and 5-bed en-suite apartments which have been designed to a very high specification. The property is located in a prominent position in the centre of town within a 10 minute walk of the university.

The property has been acquired with a first year rental guarantee from the vendor.

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

"Ayton House is a fantastic addition to the Empiric portfolio and marks the Company's first acquisition in St Andrews, a university town which is held in extremely high regard by both domestic and international students. Ayton House is one of only two purpose-built student accommodation schemes in St Andrews, which continues to suffer from a significant supply and demand imbalance. This acquisition is in line with Empiric's investment criteria and returns profile."