1st Jul 2014 15:42
LONDON (Alliance News) - Empiric Student Properties PLC said that it has acquired its first three student accommodation assets, for around GBP31 million, since last month's initial public offering.
The company acquired College Green in Bristol for GBP10.0 million, Picturehouse Apartments in Exeter for GBP11.4 million, and Summit House in Cardiff for GBP9.6 million.
It expects to complete the acquisition of a further property, Edge Apartments in Birmingham, for GBP8.9 million by mid-August.
The company said that once it is fully invested it will target an annual dividend of 6%, based on its IPO price of 100 pence, with an additional 7% average annual growth in net asset value.
Shares in Empiric closed at 101.00 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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