11th Sep 2015 06:40
LONDON (Alliance News) - Empiric Student Property PLC on Friday said it has struck deals to acquire student accommodation projects in both Glasgow and Newcastle.
Empiric said it has exchanged contracts to acquire the leasehold of a student accommodation scheme on Bath Street in Glasgow for GBP7.4 million. The project is expected to be completed later in September, in time for the start of the 2015-16 academic year. Empiric said 333 Bath Street is 10 minutes from the local universities and has a 100% rental guarantee for the current academic year from the developer.
Separately, Empiric said it had paid the same amount to acquire a student accommodation and retail scheme in Newcastle, its second in the city and located walking distance from the city's two universities.
The property is expected to be operational by May 2016, in time for the 2016-17 academic year.
By Sam Unsted; [email protected]; @SamUAtAlliance
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