REG - Empiric Student Prop - Disposal of non-core property in Southampton

Empiric Student PropertyAnnouncement

12/12/2022 10:15

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RNS Number : 3851J  Empiric Student Property PLC  12 December 2022

Empiric Student Property plc

("Empiric" or the "Company" or, together with its subsidiaries, the "Group")

 

Disposal of non-core property in Southampton

 

Empiric Student Property plc (ticker: ESP), the owner and operator of premium
student accommodation across the UK, is pleased to announce that it has agreed
the sale of Emily Davies House, Southampton to Far East Orchard Limited for
£13.9 million. The sale price reflects a net initial yield of 5.7 per cent,
with pricing ahead of 30 June 2022 book value.

 

The sale remains conditional on the completion of minor works on or before 30
April 2023. Once the sale concludes, the Company would have generated £71.5
million from its disposal programme of non-core assets.

 

Emily Davies is comprised of three-to-four-bedroom apartments with shared
bathrooms and kitchens and is currently configured to provide 180 beds. The
property is located within walking distance of Southampton Solent University
and the city centre.

 

Duncan Garrood, Chief Executive Officer of Empiric Student Property plc, said:

"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."

 

 

 

ENDS

 

 

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 Empiric Student Property plc                                 (via FTI Consulting below)
 Duncan Garrood (Chief Executive Officer)
 Donald Grant (Chief Financial & Sustainability Officer)

 Jefferies International Limited                              020 7029 8000
 Tom Yeadon
 Andrew Morris

 Peel Hunt LLP                                                020 7418 8900
 Capel Irwin

 Carl Gough

 FTI Consulting                                               020 3727 1000

 Dido Laurimore                                               empiric@fticonsulting.com (mailto:empiric@fticonsulting.com)

 Eve Kirmatzis

The Company's LEI is 213800FPF38IBPRFPU87.

 

Further information on Empiric can be found on the Company's website at
www.empiric.co.uk (http://www.empiric.co.uk/) .

 

Notes:

Empiric Student Property plc is a leading provider and operator of modern,
predominantly direct-let, premium student accommodation located in high-demand
university towns and cities across the UK. Investing in both operating and
development assets, Empiric is a fully integrated operational student property
business focused on premium studio-led accommodation managed through its Hello
Student® operating platform, that is attractive to affluent growing student
segments.

 

The Company, an internally managed real estate investment trust ("REIT")
incorporated in England and Wales, listed on the premium listing segment of
the Official List of the Financial Conduct Authority and was admitted to
trading on the main market for listed securities of the London Stock Exchange
in June 2014.

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