12th Dec 2022 11:35
Empiric Student Property PLC - UK student accommodation operator - Agrees to sell Emily Davies House, located in Southampton, England, to Singapore's Far East Orchard Ltd for GBP13.9 million. Says the sale remains conditional on the completion of minor works on or before April 30 next year. Once the sale concludes, Empiric Student says it will have generated a total of GBP71.5 million from its programme of disposing non-core assets.
Empiric Student Property Chief Executive Officer Duncan Garrood says: "The sale of Emily Davies is in line with our non-core disposal programme and releases capital for recycling into our core portfolio refurbishment programme. Against the backdrop of wider macro-economic uncertainty, this sale demonstrates the continued attractiveness and resilience of purpose-built student accommodation."
Emily Davies is comprised of three-to-four-bedroom apartments with shared bathrooms and kitchens and is currently configured to provide 180 beds. Far East Orchard is part of Singaporean real-estate developer Far East Organization.
Current stock price: 82.00 pence, up 0.2% on Monday in London
12-month change: down 1.3%
By Xindi Wei, Alliance News reporter
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