LONDON (ShareCast) - (ShareCast News) - Empiric Student Property has completed the acquisition of Portfolio House, a student accommodation development scheme in Sheffield, for £10.7m.
The London-listed company said a joint venture between Visage Properties and Galliard Homes will undertake the construction on the site, which is located in the middle of the University of Sheffield campus, on its behalf.

Construction is scheduled to be completed by July next year, Empiric added, indicating it expects the investment to deliver strong returns, given Sheffield's large student population - the University of Sheffield and Sheffield Hallam University have approximately 59,000 students combined.

"The site is ideally located and we expect the scheme to generate attractive returns in line with our stated investment parameters," said group chief executive Paul Hadaway.

Empiric shares were down 0.13% to 109.10p at 0921 BST on Friday.

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