SES Engineering Win Another Manchester Based Contract
21st Sep 2018
Empiric Student Property has seen the value of its property portfolio double year-on-year to £523.9m, as of 30 June 2016.
According to chief executive, Paul Hadaway, the majority of the company's portfolio are studio flats aimed at post-graduate and international students. However, Mr Hadaway believes there are opportunities for the company to diversify into other accommodation for undergraduates, estimating that 91% of students can't access purpose-built student accommodation after their first year.
Since the company floated on the London Stock Exchange in 2014, Empiric has focused its efforts on the international student market and controls 7,396 beds across 75 sites nationwide, including 35 assets contracted during the year totalling 3,879 beds.
With the company's entire portfolio fully let for the year, gross annualised rent on its 52 operational properties was reported at £33.1m, up from the £18.4m reported a year earlier. Meanwhile the company is targeting an increase in average rents of 2.8% for the 2016/17 academic year.
Over the last 12 months the company also launched its own marketing platform, namely Hello Student, and has funded its growth through raising £286.4m of equity in three separate fundraisings, as well as securing £120m of new debt financing.
During the 12 months ending 30 June 2016 Empiric's operating profit was reported at £33.1m, an increase of 138% over the previous year.
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