24th Dec 2015 07:37
LONDON (Alliance News) - Empiric Student Property PLC on Thursday said it has acquired the freehold of a 241-bed premium student accommodation property in St Andrews in Scotland for GBP26.0 million.
Ayton House, which comprises a mixture of studios and four and five-bed ensuite apartments, is located within a ten-minute walk of the University of St Andrews, and has a first year rental guarantee from the vendor, Threesixty Developments.
"Ayton House is a fantastic addition to the Empiric portfolio and marks the company's first acquisition in St Andrews, a university town which is held in extremely high regard by both domestic and international students," Chief Executive Paul Hadaway said in a statement.
"Ayton House is one of only two purpose-built student accommodation schemes in St Andrews, which continues to suffer from a significant supply and demand imbalance. This acquisition is in line with Empiric's investment criteria and returns profile," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Empiric