Empiric to acquire student accommodation property on practical completion in Cardiff: Windsor House
The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire on practical completion the freehold of a premium student accommodation property in central Cardiff for £40 million (excluding costs).
The property, which is Empiric’s fourth acquisition in Cardiff, is located directly opposite the Group’s existing Summit House property on Windsor Place, in the city centre within a ten-minute walk from the University of Cardiff. Cardiff is also home to Cardiff Metropolitan University and the University of South Wales.
The new-build student accommodation property is currently under construction and will comprise 314 beds across a mix of studios and two bed apartments, with communal facilities. This will increase the Group’s presence in Cardiff to 519 beds, representing approximately 2% of the full-time student population in Cardiff.
The property, which will be acquired with a first year rental guarantee, is currently owned by the developer, Fusion Students, and is expected to be operational by August 2016, in time for the 2016/17 academic year.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
“This acquisition is our fourth in Cardiff, a vibrant student city with three universities and some 44,000 full-time higher education students, with above average numbers of international and postgraduate students. On completion of this scheme, together with the Group’s three other investments, our presence in Cardiff will reach 519 beds. This is an optimal scale for Empiric in the city and will enable us to derive further improved operational efficiencies between the four properties. This acquisition is in line with Empiric’s investment criteria and returns profile.”