8th Sep 2015 09:06
LONDON (Alliance News) - Empiric Student Property PLC on Tuesday said it has struck a deal to acquire a student accommodation development site in Exeter for GBP2.5 million.
The site is being developed into a 139-bed, new-build premium student accommodation scheme and a forward-funding development agreement is expected to signed soon.
The property, which is located on Bonhay Road in Exeter, is close to the University of Exeter, Exeter College and is opposite Exeter St David's train station.
It will be developed to Empiric's specification and is expected to be done in time for the 2017/18 academic year.
"This property represents the company's fourth investment in Exeter, one of the top Russell Group university cities. We expect the acquisition to deliver significant operational as well as financial efficiencies as costs are shared amongst the Group's other properties in Exeter," said Paul Hadaway, Empiric's chief executive.
Empiric shares were up 0.1% to 109.08 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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