LONDON (ShareCast) - (ShareCast News) - Student accommodation provider Empiric Student Property has acquired The Frontage, a forward funded development in Nottingham for £18.4m.
The site, which hosted an office complex in the 1980s, will comprise 162 beds within 152 self-contained single and double studios, which will bring Empiric's total number of beds in Nottingham to 337.

The London-listed company said Frontier Estates will undertake the construction of the property on its behalf from next month, with the site expected to be ready for the beginning of the 2016-17 academic year.

The site will also contain three commercial units at the ground floor level, which are expected to be completed within September this year.

"The increased number of beds in the city will enable increased operational efficiencies to be derived from the portfolio as well as moving us closer towards our strategic target of providing 300 to 400 beds in each city or town where we operate," said group chief executive Paul Hadaway.

Empiric shares were up 0.24% to 109.76p at 0957 BST on Wednesday.

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