Refinancing of £86.1 Million of Debt

20 December 2018

Empiric Student Property plc

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

REFINANCING OF £86.1 MILLION OF DEBT WITH NEW 10 YEAR LOAN FACILITY WITH SCOTTISH WIDOWS

The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of premium student accommodation across the UK, is pleased to announce the successful refinancing of £86.1 million of the Group's existing debt with a new 10 year, fixed rate term loan facility with Scottish Widows Limited (the "New Facility").  The New Facility is secured against a portfolio of the Company's operating assets, held as a lending group, through a wholly owned subsidiary.

The New Facility is interest only and fixed at 3.196% per annum for 10 years. Upon drawdown of the New Facility, the Company's debt servicing costs on the refinanced debt will be reduced and the Company's average debt maturity profile across all facilities will extend to eight years.

£30.6 million of the New Facility will be drawn in the near term, with the remaining £55.5 million expected to be drawn towards the end of October 2019. Both drawdowns will be at the expiration of each term of the existing debt facilities so that the Company does not incur any break fees. The Company's loan to value remains unchanged and in line with the Company's long-term target of 35.0%.

Lynne Fennah, Chief Financial and Operating Officer of Empiric Student Property plc, commented:

"We are pleased to have agreed terms on our new long-term debt facility with Scottish Widows at an attractive rate. The benefits of our new £86.1 million facility include reducing the Company's debt servicing costs on the refinanced debt and the extension of the Company's average debt maturity profile across all facilities."

Commenting on the facility, Duncan Smith, Director of Scottish Widows Loan Investments said:

"As part of Scottish Widows' commitment to support all forms of UK housing, we are pleased to provide Empiric with a long-term debt facility, arranged through our partnership with Lloyds Bank Real Estate and Housing. The funding is secured against premium student accommodation in a range of key UK university cities and has been structured to meet the client's specific refinancing requirements."

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

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, direct-let, nominated or leased student accommodation across the UK. Investing in both operating and development assets, Empiric is a multi-niche student property company focused on, (i) providing good quality first year accommodation managed through its Hello Student® operating platform in partnership with universities, (ii) offering a variety of second and third year purpose-built accommodation options for individual students and those wanting a group living environment, and (iii) continuing to expand the Group's existing premium, studio-led accommodation portfolio which is attractive to international and postgraduate students.

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.