9th Jul 2014 07:50
LONDON (Alliance News) - Newly-listed Empiric Student Property PLC Wednesday said it has entered into a 50:50 joint venture deal with Revcap Advisor Ltd to acquire a development project in Southampton, England from Bannerdales Estates Ltd for GBP3.6 million.
The project comprises the redevelopment of a commercial property on Brunswick Place into a direct-let, premium student accommodation scheme. The site has planning permission for 158 studio beds.
The acquisition is expected to complete in July, while the proposed opening target date for the development is September 2015.
Empiric Student Property shares were quoted up 0.5% at 101.50 pence Wednesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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