10th Mar 2015 10:33
LONDON (Alliance News) - Empiric Student Property PLC on Tuesday said it has acquired the freehold on a forward-funded development in Aberdeen.
Empiric said the scheme, called Spital Court Studios, is currently being developed into purpose-built student accommodation by Scape Homes, a local developer.
Empiric said the full investment in the project will be around GBP12.9 million.
"Spital Court is the group's second acquisition in Aberdeen which, with a student population of approximately 20,900, representing some 120 nationalities, makes it an ideal target market for Empiric. Forward funded projects provide the group with yields on cost of approximately 8%, with reduced risks compared to direct development projects," said Empiric Chief Executive Paul Hadaway.
Empiric shares were down 1.0% to 103.01 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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