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Empiric's Growing Empire

Posted by Kristina Murkett in

Empiric Student Property PLC has announced that it has secured details totalling £37.5 million to acquire student accommodation sites in Lancaster, Leicester and Huddersfield.

Empiric has acquired five sites across Lancaster and Leicester from CityBlock, and a forward-funded development, known as Oldgate House, in Huddersfield. The property is currently being developed and is set for practical completion in summer 2016, in time for the 2016/17 academic year. The development will offer 179 beds only a 5 minute walk from the main campus of the University of Huddersfield.

Paul Hadaway, chief executive of Empiric Student Property, said: "The University of Huddersfield has won a number of awards in recent years including The Times Higher Education University of the Year, and student numbers are now over 19,000 (HESA 13/14).

"However, there is an increasing shortage of high-quality student accommodation in the town. Oldgate House is ideally located both for the university and local amenities and we expect the scheme to generate attractive returns in line with our stated investment parameters."

As a result of these successes, Empiric shares were up 0.4% to 106.90 pence after the announcement.

Image courtesy of Flickr, Creative Commons.