Empiric continues spending spree with Aberdeen buy

Empiric Student Property has acquired a student accommodation development in Aberdeen: Spital Court Studios. The deal is to buy the freehold of a forward funded development in Aberdeen currently being developed into purpose-built student accommodation by local developer, Scape Homes.

The site is located on the corner of St Peter Street and St Peter Lane, within half a mile of the University of Aberdeen and close to the city centre.  The property is also within a 10 minute walk of Centro Court, the Group’s 56 bed operating student accommodation property in Aberdeen, which will provide the Company with an opportunity for combining operations and achieving economies of scale.

Empiric has entered into agreements to forward fund the development, comprising 123 self-contained studios of various sizes, designed to Empiric’s specifications, with practical completion expected in June 2016 in time for the 2016/17 academic year.  The full investment required for the development is £12.9m, which will be invested in stages against development milestones. The Company will receive an income return from the developer on funds invested during the development period.

ESP : Empiric continues spending spree with Aberdeen buy