Empiric Student Property has announced that it has agreed a new unsecured term loan facility of £10 million with First Commercial Bank Limited. The Facility is available to draw down in full over the next 12 months. It is repayable three years from the date of agreement with an all-in cost of 2.15% per annum. The Facility can be used for general corporate purposes including the financing of the purchase of properties by any Group company to be operated as student accommodation or in refinancing the costs of acquisition of such properties. The facility is the first unsecured loan that Empiric has put in place at the PLC level.
About Empiric Student Property
Empiric Student Property 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.
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 agrees a new unsecured £10m loan facility : ESP