3rd Aug 2015 08:23
LONDON (Alliance News) - Empiric Student Property PLC on Monday said it wants to develop premium student accommodation to target students at the University of Stirling in Scotland.
The real estate investment trust, which invests in student accommodation, said it has agreed to acquire the freehold of part of a site off Forthside Way in Stirling. Its proposal is to develop a direct-let, premium student accommodation scheme with about 200 beds in a mix of studios and apartments.
The remainder of the site is likely to be developed as a residential scheme, according to Empiric Student Property, which said there will be the opportunity to share infrastructure costs. The full site has planning permission for 214 residential apartments.
The site is on the banks of the River Forth, close to the railway station, restaurants and a cinema.
The University of Stirling was founded in 1967, and about 11,600 students study there. About 70% of the students at the university are undergraduates, with the remainder being postgraduates.
"Stirling is a thriving, compact and welcoming city with a wide range of commercial and cultural facilities," Paul Hadaway, Empiric Student Property's chief executive, said in a statement. "This is the group's first investment in Stirling, which has a very limited supply of purpose-built student accommodation."
"The city is also a 45 minute train journey to Glasgow, which will facilitate joint management opportunities with the Group's operations located there. The acquisition is in line with Empiric's investment criteria and returns profile," Hadaway added.
By Samuel Agini; [email protected]; @samuelagini
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