29th Oct 2014 11:48
LONDON (Alliance News) - Empiric Student Property PLC Wednesday said it has agreed to acquire the freeholds on two direct-let, premium student accommodation properties in Cardiff, Wales, from the developer, Trafalgar Villa Estates.
Both properties are within walking distance of Cardiff University.
The company is acquiring Alwyn Court, a purpose-built student accommodation property with 51 beds, for GBP3.5 million. It is fully let for the 2014/15 academic year.
Also being acquired is Northgate House, another purpose-built student accommodation property, parts of which are in the late stages of construction, for GBP5.2 million.
"The group has received a 100% rental guarantee for the 2014/15 academic year from the vendor in respect of the parts of the property which are not currently let," the company said.
Chief Executive Paul Hadaway said: "The group's Cardiff assets are all in close proximity to these institutions and each other, which will enable the company to realise benefits from joint management, boosting the already attractive returns we expect to achieve for our shareholders. Both acquisitions are in line with Empiric Student Property's investment criteria and returns profile."
Empiric Student Property shares were up 0.2% at 101.47 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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