Empiric Student Property (ESP)

Index:

FTSE 250

94.50p
   
  • Change Today:
      0.20p
  • 52 Week High: 96.60
  • 52 Week Low: 83.70
  • Currency: UK Pounds
  • Shares Issued: 603.46m
  • Volume: 662,248
  • Market Cap: £570.27m
  • RiskGrade: 140

Empiric Student buys new Bath property, agrees new facility

By Josh White

Date: Monday 18 Jul 2016

LONDON (ShareCast) - (ShareCast News) - Student accommodation owner and operator Empiric Student Property announced on Monday that it has acquired the freehold of a 31-bed student accommodation property in Bath for £2.6m excluding costs.
The London-listed firm said 2 Oolite Road is a newly-constructed student accommodation asset that was completed in May for the 2016-2017 academic year.

It said the property comprises 31 beds in a mix of four, five and six bed en-suite apartments, and is located in a popular residential area on the university side of Bath city centre, with local bus routes providing access to the city and the university campus.

The property was acquired by IESIS Ltd, an established local developer and operator of purpose-built student accommodation in Bath and Bristol, which is currently developing 1-3 James Street West in Bath on behalf of Empiric.

Hello Student will be responsible for managing the Oolite Road scheme, Empiric confirmed.

"We are very pleased to have acquired our fifth student accommodation property in Bath," said Empiric chief executive Paul Hadaway.

"At the start of the 2016-2017 academic year, we will have a total of 385 beds in operation in Bath, all of which are subject to nomination agreements with the University of Bath."

Hadaway said that as a UNESCO World Heritage city, there are limited opportunities for suitable development sites in Bath, which has two universities with increasing student numbers and applications.

"Further, the provision of this purpose-built accommodation ensures that the existing limited housing stock in the city is not under additional pressure for student accommodation.

"This acquisition is in line with Empiric's investment criteria and returns profile," Hadaway added.

Empiric Student confirmed it has entered into a nomination agreement with the University of Bath in respect of the property.

It said the agreement is for five years from commencement in September 2015, over which time the beds will be directly let at current market rates to students provided by the university, on the same terms as the nomination agreement in place for the group's four other assets in Bath.

In a separate announcement, Empiric Student's board announced it has agreed a new loan facility of £32.8m with AIB Group.

The facility is secured against a portfolio of five forward-funded assets, held as a lending group through a wholly owned subsidiary Empiric Investments (Six) Ltd.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ESP Market Data

Currency UK Pounds
Share Price 94.50p
Change Today 0.20p
% Change 0.21 %
52 Week High 96.60
52 Week Low 83.70
Volume 662,248
Shares Issued 603.46m
Market Cap £570.27m
RiskGrade 140

ESP Star Ratings

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What The Brokers Say

Strong Buy 3
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

ESP Dividends

  Latest Previous
  1st Interim 4th Interim
Ex-Div 13-Jun-24 04-Apr-24
Paid 28-Jun-24 19-Apr-24
Amount 0.88p 0.94p

Trades for 18-Jul-2024

Time Volume / Share Price
16:40 12,656 @ 94.50p
16:38 59,640 @ 94.50p
16:36 873 @ 94.50p
16:35 302,432 @ 94.50p
16:35 1,558 @ 94.50p

ESP Key Personnel

CEO Duncan Garrood

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