6th Oct 2015 08:20
LONDON (Alliance News) - Empiric Student Property PLC on Tuesday said five of its properties were completed in time for the current academic year and said its portfolio is fully let.
The student accommodation developer said its Brunswick House property in Southampton, Kingsmill Studios in Huddersfield, Library Lofts in Exeter, The Registry in Portsmouth, and 333 Bath Street in Glasgow all were completed and operational in time for the 2015-16 academic year.
Claremont Place in Newcastle will be completed in the fourth quarter, but Empiric has a deal in place with the developer of the property covering 100% of the rent for the current academic year.
Empiric said it is full let across its portfolio for the current year, with its gross annualised rent at GBP23.3 million, the majority of which has been collected upfront in September due to the high proportion of international students who pay their rent for the year in advance.
"September was a key month for the group with the start of the academic year and the completion of a range of assets under development to coincide with that date. Those properties under development which have commenced operations form a key component of the revenue growth inherent in the group's portfolio. There has been strong demand for beds across Empiric's operating portfolio, which is fully let for the new academic year," said Paul Hadaway, Empiric's chief executive.
Shares in Empiric were flat at 109.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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