9th Nov 2015 09:29
LONDON (Alliance News) - Empiric Student Property PLC on Monday said it has struck a deal to acquire a student accommodation property in Cardiff for GBP40.0 million.
The property, its fourth acquisition in Cardiff, is directly opposite its existing Summit House property, located close to the University of Cardiff.
The new site will comprise 314 beds across a mix of studio and two-bedroom apartments. It is currently owned by developer Fusion Students and is expected to be operational by August 2016, in time for the 2016-17 academic year.
"This acquisition is our fourth in Cardiff, a vibrant student city with three universities and some 44,000 full-time higher education students, with above average numbers of international and postgraduate students," said Paul Hadaway, Empiric's chief executive.
"On completion of this scheme, together with the group's three other investments, our presence in Cardiff will reach 519 beds. This is an optimal scale for Empiric in the city and will enable us to derive further improved operational efficiencies between the four properties," he added.
Empiric shares were up 0.6% to 110.44 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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