1st Jul 2015 07:58
LONDON (Alliance News) - Empiric Student Property PLC on Wednesday said it has entered a forward funding deal with Xian Developments Manchester Ltd to develop a student accommodation scheme in Manchester.
Empiric said the full investment needed for the development will be GBP6.9 million, which will be invested in stages against development milestones. Practical completion of the site is targeted for the 2017/18 academic year.
The project will involve the construction of a 93-bed student accommodation scheme on the site of the Grade II-listed former Welsh Baptist Church, which Empiric acquired in May.
Shares in Empiric were down 0.6% to 107.90 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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