Empiric Adds to Its Portfolio with Three Acquisitions

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

It's been reported that Empiric Student Property has acquired the freeholds of three properties, two based in London and one in Exeter for a total of £21.5m.

The first property, Isca Lofts, is a direct-let student accommodation block with 71 beds across five studios and 66 en-suite rooms. The site also comes equipped with onsite laundry and storage facilities.

The development was bought for £4.73m and is situated close to Empiric's other assets as well as the University of Exeter. The property, which is currently operated by Universal Student Living, will be operated by Collegiate AC from January 2017.

The second property consists of Grosvenor Hall and comes with 72 beds arranged across one studio and 71 bedrooms arranged in cluster flats. Again a direct-let student accommodation block, the property was converted to student housing in 2011 and is closely situated to Twickenham mainline train station. The development is also around a 20-minute walk to St Mary's University.

The site will be migrated to Hello Student from its current managers USL at the beginning of 2017. Grosvenor Hall benefits from an agreement with St Mary's University to underwrite the income on nearly half of the beds so that it meets its clearing requirements and also has a nomination agreement with LAL Language School for nine of the remaining beds.

The final property, Francis Gardner Hall is aimed towards young professionals and provides those living at the development with six-month assured shorthold tenancy agreements. The plot was purchased for £10.59m.

Speaking about the recent acquisitions, chief executive Paul Hadaway said that the acquisition of the portfolio will increase their presence in Exeter to 414 beds across five properties and also adds a further 142 beds in London.

Mr Hadaway noted that the company had a limited presence in London compared to the size of the full-time student population in the city, but that the acquisitions demonstrated their desire to acquire properties that meet their investment criteria.