26th May 2015 07:55
LONDON (Alliance News) - Empiric Student Property PLC on Tuesday said it has struck deals totalling GBP37.5 million to acquire student accommodation sites in Lancaster, Leicester and Huddersfield.
The sites in Lancaster and Leicester have been acquired for GBP26.5 million from CityBlock, and the portfolio comprises five sites. Three are based in Lancaster and are located close to the Lancaster University campus and the Lancaster campus of Cumbria University. The two in Leicester are located adjacent to De Montfort University and walking distance from the University of Leicester.
All the properties acquired were fully let for the 2014/15 academic year and are 62% pre-let for 2015/16.
In Huddersfield, Empiric has acquired a forward-funded development, known as Oldgate House, for GBP11 million. The property is currently being developed into a purpose-built student accommodation site and is set for practical completion in summer 2016, in time for the 2016/17 academic year.
Empiric shares were up 0.4% to 106.90 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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