ESP acquires 98 bed student accommodation property in Nottingham
The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company has exchanged contracts to acquire the freehold of Talbot Studios, an operating, direct-let, premium student accommodation property in Nottingham, for consideration of £8.2m.
The purpose-built student accommodation property, which opened in 2012, is to be acquired from Romiga Studios Limited. It comprises 98 self-contained studio apartments together with various communal facilities. The property, on Talbot Street, Nottingham, is located close to Nottingham Trent University's main campus (which includes Nottingham Law School) and is a short bus ride to Nottingham University's main University Park and Jubilee campuses. The property is also within easy reach of local amenities and transport links.
The property is let for 51 weeks of the year and is 100% let for the 2014/15 academic year. The property will continue to be managed by Corporate Residential Management Limited ("CRM").
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"The acquisition of Talbot Studios represents further diversification of our expanding portfolio of student accommodation assets, within our investment parameters. Nottingham is home to a number of top ranking universities and colleges, with a thriving student population."
Further to the announcement on 22 August 2014, the Company plans to issue a trading update during the week commencing 29 September 2014.