4th Jul 2014 10:20
LONDON (Alliance News) - Empiric Student Property PLC Friday said its has entered into an agreement to acquire a forward funded development of a premium student accommodation scheme in Edinburgh.
The company acquired the freehold of the site, located on Buccleuch Street in Edinburgh, from Cruden Homes East Ltd for a total of GBP8.52 million.
The development is for an 86-bed direct let student accommodation.
Empiric Student Property said that Cruden Homes will be managing the construction on its behalf, with completion scheduled for May 2016.
"This project has an appealing central location next to the University of Edinburgh and we would expect it to generate attractive returns in line with our stated investment parameters," said Chief Executive Paul Hadway in a statement.
Earlier this week, the company said it had acquired its first three student accommodation assets, for around GBP31 million, since last month's initial public offering.
It also said that it expects to complete the acquisition of a further property, Edge Apartments in Birmingham, for GBP8.9 million by mid-August.
The company's shares were down 1% at 100.00 pence Friday late morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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