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Empiric stumps up £26m to add five more student properties to its portfolio

Student accommodation developers Empiric Student Property has announced it has snapped up five more properties in three key university towns.

The deal, which totals £26.69m, expands the property firm’s presence in Leicester, Portsmouth and Exeter having acquired the leasehold for all five accommodation plots from LaSalle Investment Management.

In an announcement to the Stock Exchange this morning, the London-based firm said that the properties which have been acquired were all fully let for the 2015/16 academic year and are also 100% pre-let for the 2016/17 academic year as well.

The sites in question include the 113-bed Bishop Blackall School, which is a converted Edwardian School in Exeter, for £8.02m; the 107-bed The Hosiery Factory for £5.61m and 173-bed The Shoe and Boot Factory for £8.86m, both in Leicester.

Meanwhile, In Portsmouth Empiric has acquired the 19-bed Elm Grove Library for £1.11m and 52-bed Kingsway House for £3.09m.

The operations for all the properties in question are currently managed by student accommodation managers Campbell Property, and the property firm have said the Wiltshire-based business will continue in their role into the properties are integrated onto Empiric’s own Hello Student operating platform.

Paul Hadaway, Chief Executive of Empiric Student Property, commented: “The acquisition of this portfolio increases our presence in Exeter to approximately 595 beds across seven properties, in Leicester to 560 beds across seven properties and in Portsmouth to 354 across four properties.

“The purchase of small, complementary portfolios of properties enables us to deploy the Group’s capital in a more cost efficient manner, the benefit of which accrues to our shareholders. This acquisition is in line with Empiric’s investment criteria and returns profile.”

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