The Board of Empiric Student Property plc is pleased to announce that the Group has exchanged contracts to acquire on practical completion the freehold of a turnkey student accommodation and retail scheme in central Newcastle.

Metrovick House, which is the Group's second acquisition in Newcastle, is located in the city centre with excellent transport links and is walking distance from the City's two universities, with the Northumbria University library located 300 metres from the property.

The existing property comprises two floors of retail space and six floors of vacant offices. The upper floors will be converted to student accommodation with retail units to be arranged over the ground and basement floors.  When complete, the student accommodation element of the scheme will comprise 63 high specification, self-contained studio apartments, with communal facilities and will increase the Group's presence in Newcastle to 151 beds.

The property is currently owned by the developer, S Harrison Developments Limited, and is expected to be operational by May 2016, in time for the 2016/17 academic year.

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

"This acquisition represents our second acquisition in Newcastle, an exciting student city with two popular universities. On completion of this scheme, together with the Group's first investment, Claremont House, our presence in this city will reach 151 beds. This scale will enable us to derive improved operational efficiencies between the two properties. This acquisition is in line with Empiric's investment criteria and returns profile."