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Empiric Student Property plc agreed to sell its Emily Davies House property in Southampton to Far East Orchard Limited for £13.9 million, reflecting a net initial yield of 5.7 per cent and pricing ahead of its 30 June 2022 book value. The sale, which involves a property configured for 180 beds, is conditional on the completion of minor works by 30 April 2023. This transaction will contribute to the £71.5 million generated from the Company's disposal programme of non-core assets.
| Date | 12 Dec 2022 |
| Time | 10:05:32 |
| Category | Disposals |
| ID | 3851J |
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:
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The Company's LEI is 213800FPF38IBPRFPU87.
Further information on Empiric can be found on the Company's website at 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.