Empiric Student Property acquires additional Birmigham student accomodation for £12m. Empiric Student Property has exchanged contracts to acquire an 106 bed, student accommodation property, on Bristol Road, Selly Oak, Birmingham for £12m. Located within five minutes walk of the University of Birmingham, the freehold “Mansion Brook” property is next to “Edge Apartments” that ESP has also agreed to purchase. Collegiate AC will manage both properties for ESP.
About Empiric Student Property
Empiric Student Property is a real estate investment trust (REIT) that has an investment objective to provide Shareholders with regular, sustainable and growing long-term dividends (which it will seek to grow at least in line with the RPI inflation index) together with the potential for capital appreciation over the medium to long term. It maintains a portfolio of modern, direct-let, nominated or leased student accommodation across the UK.
Empiric Student Property is focused on investing in, and developing, high quality self-contained residential accommodation in locations where the Executive Directors believe attractive opportunities exist for the Company to exploit demand for student residential accommodation at the higher end of the quality scale. To deliver the high quality and high-end experience, the individual sizes of the assets are generally expected to be between 50 to 200 beds. In addition, each property will generally have:
- studios and 1 – 3 bedroom apartments;
- generous space per student bed;
- all rooms with en-suite bathroom and kitchen facilities; and
- communal facilities to typically include: a cinema room, study rooms, a gym and break-out areas
Empiric Student Property Acquires additional Birmigham student accomodation for £12m : ESP