Portsmouth Council Approve 97-bed Student Scheme
15th Dec 2017
Empiric Student Property has released its latest trading update for the half year ending 30 June 2017.
The company reported estimated NAV per share at 107.75 pence compared to basic NAV per ordinary share of 105.9 pence as at 31 December 2016, an increase of 1.75%.
Its property portfolio was independently valued by CBRE Ltd as at 30 April 2017 at £786.7 million versus a valuation of £721.3m as of the end of 2016.
At the start of the 2017/18 academic year, Empiric is expecting to have 81 assets operational, totalling 7,579 beds. It also has a near-term pipeline of assets totalling 2,900 beds, split across a mix of operating and development properties, including a significant London based portfolio of operating assets.
For the 2017/18 academic year, the group is targeting an annual rental uplift of roughly 2.8%, with a gross annualised rent roll, including commercial, of approximately £63.6 million.
Commenting on the results, Chief Executive of Empiric Student Property, Paul Hadaway, said: "The first half of the current financial year has been one of consolidation, during which time we have focused on embedding the significant number of acquisitions and developments undertaken during the previous financial period. We have, however, continued to seek out further investment opportunities and we are in advanced negotiations on a number of attractive pipeline assets."
Since December 2016 the group has continued to transfer the management of its assets onto the Hello Student platform, with all but one of their seven developments due for completion in time for the 2017/18 academic year, being managed by Hello student.
Commenting on the UK market as a whole, Empiric suggests fundamentals remain positive, with excess demand and limited supply persisting.
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