Empiric Student Property has made its first acquisition since listing on 30 June. It has announced that it spent £31m on three properties –
- College Green in Bristol (an 84 bed long leasehold property bought for £9.97m at a net initial yield of 6.4%);
- Picturehouse Apartments in Exeter (a 102 bed freehold property, pictured, acquired for £11.41m at a net initial yield of 6.5%); and
- Summit House in Cardiff (an 87 bed freehold property, acquired for £9.58m at a net initial yield of 6.5%).
It has one more deal lined up – the acquisition of Edge Apartments in Birmingham planned for August 2014 (when construction work on the building will be finished).
After these deals, it will have invested c£40m, almost 48 per cent. of the net proceeds from the IPO.