28th Apr 2015 07:10
LONDON (Alliance News) - Empiric Student Property PLC Tuesday said it has bought a development site in Bristol which it intends to develop into student accommodation.
The company said it has entered into a forward funded arrangement in respect of William & Matthew House, which will be developed into purpose-built student accommodation by property developer Urban Creation.
The site, located on Host Street, Clifton, is within a five minute walk from the University of Bristol's main city campus, as well as the group's current student accommodation property, College Green, it said.
The new property will comprise 75 beds, consisting mainly of self-contained studios, and communal space. Completion is expected in time for the 2016/17 academic year.
Empiric said the full investment required for the development is GBP7.9 million, which will be invested in stages against development milestones, adding that it will receive an income return from the developer on funds invested during the development period.
"Bristol was one of the first cities in which the Empiric team invested and, with a student population of some 47,000, remains a target city for the group," Chief Executive Paul Hadaway said in a statement.
"We are pleased to be working again with Urban Creation, from whom we acquired our London Road, Southampton property. This acquisition is in line with Empiric's investment criteria and returns profile," he added.
Shares in Empiric closed down at 104.99 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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