Empiric Student Property Plc - Buy City Block properties in £26.5m deal
Empiric Student Property plc the internally managed UK REIT investing in modern, premium student accommodation continue their acquisition trail snapping the City Block portfolio.
The properties are located in Lancaster and Leicester
CityBlock 1 Lancaster provides 30 ensuite bedrooms.
CityBlock 2 Lancaster provides 77 beds, with 52 ensuite bedrooms and 25 studios apartments.
CityBlock 3 Lancaster provides a total of 100 bedsrooms a mix of ensuite bedrooms and studio apartments
CityBlock 1 Leicester provides 98 ensuite study bedrooms
CityBlock 2 Leicester provides of 76 ensuite study bedrooms
Paul Hadaway, chief executive of Empiric Student Property, stated that the £26.5m "acquisition of this portfolio represents an efficient deployment of equity capital in one transaction. The acquisition is in line with Empiric’s investment criteria and returns profile.”
CityBlock will continue to manage the operation of the properties on behalf of Empiric.