Empiric Student Property PLC have acquired yet another huge block, this time in Sheffield by forward funding the Portobello House project for £10.6 million.
The 134-bed development will be right in the middle of the University of Sheffield Campus and only a short walk away from Sheffield Hallam and the bustling city centre. By going through with the deal Empiric now own the freehold to the development which is scheduled to be built by GHL Limited, Visage Properties Limited and Gaillard Homes Limited.
Despite large holdings in cities across the UK, Portobello House represents Empiric's first move into the Sheffield market. Paul Hadaway, the company's chief executive said, "This forward funded project represents the company's first investment in Sheffield, a popular city with students.
"The University of Sheffield has over 26,000 students with a significant proportion of post-graduate and overseas students and is ranked in the top 30 universities in the UK."
Empiric has been blazing a trail across the UK after raising £85 million in last year's IPO. Elsewhere in Yorkshire, Empiric also bought Algernon Firth in Leeds back in December 2015 for £7.2 million.