Member Article

Leeds student development acquired by Empiric for £7.2 million

London-based Empiric Student Property plc has announced the acquisition of student accommodation property in Leeds, for a consideration of £7.2 million.

Algernon Firth is a high-quality student accommodation conversion of a Grade 2 listed building located within walking distance of both the University of Leeds and Leeds Beckett University.

The acquisition is expected to complete on 13 January 2015.

The property, which was completed in August 2013, comprises 111 beds in a mixture of en-suite flats and large loft-style studios.

The property has been fully occupied since completion and is 100% let for the 2014/15 academic year, currently being managed by Countrywide.

The property represents the Group’s first acquisition in Leeds, a city with the fifth largest UK student population.

Paul Hadaway, chief executive of Empiric Student Property plc, commented:“Algernon Firth is a fantastic addition to the Empiric portfolio and marks the Company’s first acquisition in Leeds, one of the top Russell Group university cities.

“We look forward to securing further investments in Leeds. The acquisition is in line with Empiric’s investment criteria and returns profile.”

This was posted in Bdaily's Members' News section by Clare Burnett .