22nd Jun 2015 07:41
LONDON (Alliance News) - Empiric Student Property PLC on Monday said it has acquired the freeholds on seven operational, direct-let student accommodation properties located in Liverpool and Stoke-on-Trent.
The portfolio comprises a total of GBP502 beds and has been acquired for GBP22.8 million in cash by Empiric. Empiric also has assumed responsibility for the debt backing the properties, around GBP18.8 million, meaning the value of the total acquisition is GBP41.6 million.
The freeholds have been acquired from Urban Sleep, which will continue to manage the properties on behalf of Empiric.
"The acquisition of this portfolio from Urban Sleep represents an efficient deployment of equity capital in one transaction and provides Empiric with exposure to two new university cities with top 40 universities," said Empiric Chief Executive Paul Hadaway.
Shares in Empiric were down 0.3% to 108.727 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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