Empiric Student Property (ESP)


FTSE 250

  • Change Today:
  • 52 Week High: 96.60
  • 52 Week Low: 83.70
  • Currency: UK Pounds
  • Shares Issued: 603.46m
  • Volume: 341,662
  • Market Cap: £570.88m
  • RiskGrade: 140

Empiric Student Property secures £40m debt extension

By Josh White

Date: Wednesday 14 Dec 2016

LONDON (ShareCast) - (ShareCast News) - Student accommodation owner and operator Empiric Student Property announced the agreement of a new £40m extension facility to its existing £80m fixed rate term loan facility arranged by Barings Real Estate Advisers, a member of the MassMutual Financial Group, on Wednesday.
The company said the amended and restated facility was now secured against a portfolio of 25 operating assets, held as a lending group through a wholly owned subsidiary, Empiric Investments Four.

It said the new £40m facility was expected to be drawn down in full on 16 December, and is repayable in April 2028.

The new facility has a fixed all in rate of 3.64% interest only throughout the term.

That rate was fixed up to a loan to value ratio of 55%, providing a fixed all-in blended rate of 3.37% for the amended and restated Facility.

The amounts drawn down under the facility will be segregated and non-recourse to the company, and will be used to fund further investments in both operating assets and forward funded projects.

Following drawdown of the new facility, the estimated loan to value ratio for the company will be approximately 30.5%, compared to 22.7% on 30 June.

In accordance with the its investment policy, Empiric said it will maintain a conservative level of aggregate borrowings, targeting 35% and no more than 40% of the gross asset value of the company, calculated at the time of drawdown.

"This extended long term facility helps the group to maintain our low overall cost of borrowing and further extend our average unexpired loan term," said chief executive Paul Hadaway.

"The amended and restated facility also provides further debt resource to help support our growth plans and business model.

"We are pleased to have built on and extended our excellent working relationship with Barings, one of the largest global real estate investment managers and debt providers."

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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 94.60p
Change Today 0.100p
% Change 0.11 %
52 Week High 96.60
52 Week Low 83.70
Volume 341,662
Shares Issued 603.46m
Market Cap £570.88m
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
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 19-Jul-2024

Time Volume / Share Price
16:35 132,066 @ 94.60p
16:35 1,437 @ 94.60p
16:35 201 @ 94.60p
16:35 140 @ 94.60p
16:35 1,435 @ 94.60p

ESP Key Personnel

CEO Duncan Garrood

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