Empiric Student Property add more boutique stock growing portfolio
Empiric Student Property have secured the Urban Sleep portfolio in a £41.6m deal, comprising of six properties in Liverpool and one in Stoke-on-Trent
Empiric has paid £22.8m in cash excluding acquisition costs for the portfolio and, additionally, assumed responsibility for the £18.8m existing debt resulting in a total acquisition value of £41.6m.
Urban Sleep, which will continue to manage the operation of the properties on behalf of Empiric.
Empiric reported that the properties have an excellent occupational track record and are fully let for the 2014/15 academic year.
Paul Hadaway, chief executive of Empiric Student Property, said: "The acquisition of this portfolio from Urban Sleep represents an efficient deployment of equity capital in one transaction and provides Empiric with exposure to two new university cities with top 40 universities.
"The Liverpool and Stoke-on-Trent properties are very well-located and the Liverpool portfolio also provides the group with six high-quality properties close to each other in line with our 'city clustering' strategy. The acquisition is in line with Empiric's investment criteria and returns profile."