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Empiric acquires £23m student scheme in York

Empiric Student Property, the London-based student accommodation operator, has acquired the freehold of a student scheme for £23.3m.

In what represents the firm’s second investment in the city, Empric has snapped up the 220-bed Foss Studios, which sits opposite the group’s forward funded development on Lawrence Street, near to York City Centre, the University of York and York St John University.

The building, which was completed for the 2015/16 academic year and is now fully let for 2016/17, has been purchased from Curlew Student Trust, the student property investment vehicle run by CBRE Global, and is currently managed by Fresh Student Living.

According to Empiric, the site will be transferred over to its Hello Student management platform by March.

Paul Hadaway, Chief Executive of Empiric Student Property, commented: “Foss Studios is our second investment in York, a city which remains of great interest to us, with a full-time student population of over 23,000 (HESA 2015/16) across two universities, with approximately 15% being international and 22% postgraduate.

“The historic and cosmopolitan city of York is regularly ranked one of the most beautiful in Europe and is one of the most accessible cities in the UK. Both universities have active and respected research programmes. This acquisition is in line with Empiric’s investment criteria and returns profile.”

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