9th Mar 2015 08:57
LONDON (Alliance News) - Empiric Student Property PLC on Monday said it has struck a deal to buy an operational, direct-let student accommodation property in Glasgow for GBP11.9 million.
The Ballet School property is the former home of the Scottish Ballet and comprises 103 self-contained studios. It has been acquired from the developer, CCG (Scotland) Ltd.
The property is adjacent to the former Willowbank Primary School site, which Empiric is developing into a 178-bed student accommodation scheme alongside joint venture partner Revcap Advisors Ltd.
"The Ballet School is ideally located between the city centre and the Gilmorehill campus of the University of Glasgow, one of the top three universities in Scotland," said Empiric Chief Executive Paul Hadaway.
"Glasgow hosts the largest student population in Scotland and, therefore, represents an ideal city for Empiric to implement a clustering strategy, targeting 300-400 beds which can be operationally combined, to the benefit of both the resident students and the group," Hadaway added.
Shares in Empiric were untraded on Monday morning, having last traded at 104.48 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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