Empiric Student Property Acquire Bristol PBSA Scheme

Student accommodation owners and operators, Empiric Student Property plc (ESP), have acquired the freehold of a 92-bed purpose-built student accommodation scheme in the city centre of Bristol.

The scheme has been acquired from McLaren Property at the purchase price of £19 million and is being funded by ESP's existing resources.

The development on Baldwin Street, which was completed in 2021, has 100% of beds let for the 2021/22 academic year.

The acquisition by ESP will add to its existing portfolio in the Bristol PBSA market. Currently Empiric has two operational schemes in the city which total 159 beds, alongside a 153-bed development which is due for completion in time for the next academic year. The purchase will take the total bed count in the city to 404.

Duncan Garrood, Chief Executive Officer of Empiric Student Property plc, commented; "We are pleased to acquire this new purpose-built studio asset in a prime location in Bristol city centre, strengthening our presence in this key university city and ensuring that we are in an enhanced position to cater for the strong and increasing numbers of both domestic and international students wanting to attend the University of Bristol."

"We see significant opportunities to deliver operational efficiencies and enhanced income and capital returns from this asset over the short and longer-term, supported by our Hello Student brand and operating platform, our clustering strategy and the ongoing attractive demand/supply fundamentals in Bristol, in addition to letting the retail unit."

John Gatley, Chief Executive Officer of McLaren Property, said; "We are delighted to have completed the sale of this high-quality fully-let Bristol city centre asset to Empiric, demonstrating that well-located and high-quality student accommodation remains in high demand from both students and investors. We look forward to continuing to build relationships with Empiric and other institutions as we expand our development pipeline across key university cities."