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Empiric Student Property agrees eight-figure loan facility

London-based student accommodation developer, Empiric Student Property, has announced the agreement of a new £30.63m loan facility with The Royal Bank of Scotland.

The new facility has been secured against five forward funded assets, which are held as a lending group through its subsidiary Empiric Investments (Five) Limited, which will each benefit from an allocation of the cash.

Announced to the London Stock Exchange this morning, the developer said that the new facility will act as a development loan, with each of the five properties allocated a loan limit which will be drawn down through the life of each development and will convert into an investment loan once the projects are complete.

Paul Hadaway, Chief Executive of Empiric Student Property plc, commented: “RBS continues to support Empiric’s strategy through the provision of this development debt facility. The Facility will help to maximise the Group’s development potential, enabling us to recycle equity currently committed to our forward funded developments.”

Nick Cussen, Director - Real Estate Finance at RBS, added: “Empiric has established itself as a leading investor in both operating and development assets in the growing UK student accommodation market. We’re pleased to provide ongoing and increased support for their future development plans.”

Empiric is one of the UK’s foremost student accommodation development companies with properties across London and the wider UK.

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