27th Jan 2016 09:02
LONDON (Alliance News) - Student accommodation investor Empiric Student Property PLC on Wednesday said it remains confident on its investment pipeline and said it has spent all the proceeds of its October equity fundraising.
Empiric said it spent GBP95.8 million in the final quarter of 2015 on student accommodation developments with a total of 858 beds, with 348 of those operational and 510 in development. At the close of December, it had developments with 5,691 beds on its books over 58 assets in 26 cities and towns in the UK.
Empiric said its pipeline remains strong and said it is in talks with further providers of medium to long-term institutional debt in order to increase its gearing levels. It said it will make a further announcement on these talks later this month.
Shares in Empiric were up 0.6% to 112.38 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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