LONDON (ShareCast) - (ShareCast News) - Empiric Student Property has exchanged contracts to sell the freehold of the Forthside Way site in Stirling for £2m excluding costs.
The company, which owns and operates premium student accommodation across the UK, said the disposal is expected to complete on 27 November.

Empiric said the site, which it bought in August 2015, now has detailed planning permission for a 208 bed student accommodation development.

Chief executive Paul Hadaway said: "The sale of Forthside Way site follows an operational review. Whilst we will continue to identify opportunities for the development of premium purpose built student accommodation, our current focus is on building critical mass in our target cities.

"The Forthside Way site was our only asset in Stirling. The property has been sold with the benefit of the planning approval obtained by the group, which has resulted in a substantial uplift in value above the original acquisition price."

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