17th Aug 2015 08:56
LONDON (Alliance News) - Empiric Student Property PLC on Monday said it has acquired the freehold of a student accommodation site in Falmouth for GBP8.1 million.
Maritime Studios, which is on Pendennis Rise next to the Falmouth Docks, is within a few minutes' walk to the Woodlane campus of Falmouth University and the Falmouth Marine School, and is also a 10 minute walk from Falmouth town, Empiric said.
It comprises 146 large self-contained studio apartments with communal facilities, 14 of which have been sold off on long leases, resulting in 132 beds under Empiric's ownership, although Empiric owns the freehold to the whole building.
"While the current student population in Falmouth is just over 5,000, Falmouth University has published plans to increase its intake to a total of 8,000 by 2018, and there is a limited supply of new purpose-built student accommodation. This acquisition is in line with Empiric's investment criteria and returns profile," Chief Executive Paul Hadaway said in a statement.
Shares in Empiric were trading down 0.2% at 109.01 pence Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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