The student accommodation operator Empiric Student Property PLC has purchased the 127-bed student property Pennine House in Leeds for a reported £17.8m.
The accommodation was originally developed by the current management team of Empiric, prior to the formation of the company. At the time it was built on behalf of British Airways Pension Trust Ltd for the 2013-14 academic year.
Since its development it's understood that Empiric and its management team have held no interest in the property and have not been involved with its operation.
The property consists of studios and two bed en-suite apartments spread across eight floors and is situated on Russell Street between the train station and the two main universities.
The group expects to benefit from a rental guarantee from the vendor for the coming academic year.
According to Chief Executive Paul Hadaway, the location and quality of the property ensures it fits within the rest of the company's profile. Currently Empiric owns, in aggregate, 323 beds in Leeds, all of which are currently operational.