26th Jun 2014 15:06
LONDON (Alliance News) - Empiric Student Property PLC said Thursday that it has raised GBP85 million in its initial public offering, through the placing and offer for subscription of shares at 100 pence each.
The real estate investment trust said it plans to invest in high-end student accommodation assets, with a focus on assets in prime city centre locations in top university cities in the UK.
The company said its executive team had identified a portfolio of assets including eleven properties with 1,100 beds. It expects to complete on four of the properties shortly after admission. After that, it will seek to grow the portfolio further, targeting a portfolio of assets with 8,000 to 10,000 beds over the next few years.
"The growing demand from both local and international students for purpose-built student accommodation and a lack of supply has created a structural imbalance in the market which we believe will continue and which provides an attractive opportunity for the Company," said Chief Executive Paul Hadaway in a statement.
Dexion Capital PLC and Akur Ltd were joint financial advisers, and Dexion also acted as sole bookrunner and sponsor.
The company expects to be admitted to the London Stock Exchange main market June 30.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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