25th Sep 2014 08:10
LONDON (Alliance News) - Empiric Student Property PLC Thursday said it has exchanged contracts on a deal to buy the freehold of Talbot Studios, a student accommodation property in Nottingham, for GBP8.2 million.
The purpose-built property, opened in 2012, is being acquired by Empiric from Romiga Studios Ltd. It has 98 self-contained studio apartments and is located close to the main campus at Nottingham Trent University.
The property is let for 51 weeks of the year and is 100% let for the 2015-15 academic year, Empiric said. Corporate Residential Management Ltd will retain the management contract for the property following the acquisition.
"The acquisition of Talbot Studios represents further diversification of our expanding portfolio of student accommodation assets, within our investment parameters," said Empiric Chief Executive Paul Hadaway.
Empiric shares were untraded in early trade on Thursday, quoted at 101 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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