17th Jul 2014 09:30
LONDON (Alliance News) - Newly-listed Empiric Student Property PLC Thursday said it had agree to acquire the freehold of a direct-let student accommodation property in Birmingham from MSAF008 Mansion Brook Selly Oak Ltd, a subsidiary of The Mansion Group, in a deal worth GBP12 million.
The property consists of 106 studio beds, together with secure car parking facilitates, communal kitchen and laundry areas.
Empiric said the property is located a five-minute walk from the University of Birmingham and is next to Edge Apartments, which it has also agreed to acquire.
The property is let for 51 weeks of the year and was 100% occupied for the 2013/14 academic year, and is well let for the 2014/15 academic year, Empiric said.
Empiric shares were quoted down 1.0% at 100.00 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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