30th Oct 2014 15:55
LONDON (Alliance News) - Empiric Student Property PLC Thursday said it is in "final stage negotiations" about acquiring a number of assets, including a near-term pipeline comprising 15 properties across the UK.
The real estate investment trust said it is in the last stages of negotiations on two forward funded assets and one standing operating property, with an aggregate of 337 beds for a total cost of around GBP30 million. It said its expects to acquire the assets in December, subject to the satisfactory completion of negotiations.
The company said it is also in advanced stages of negotiation in relation to a near-term pipeline comprising 15 properties across the UK, with an aggregate of more than 1,800 beds. It said the assets represent a total commitment of approximately GBP180 million.
The company said it would be acquired over the next several months, and by no later than the end of March 2015.
"Beyond the identified pipeline described above, the company has a further pipeline of assets under consideration at earlier stages of due diligence and negotiation representing an additional potential commitment of approximately GBP400 million to GBP600 million," the company said in its statement.
The company said that so far, it has invested or committed substantially all of the funds raised from its GBP85 million IPO in June, in a portfolio of 13 purpose-built student accommodation properties.
It said its standing assets are fully let for the 2014/15 academic year.
Empiric Student Property shares were trading 0.6% higher Thursday afternoon at 101.97 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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