Member Article

Empiric expands its reach in Leicester with £15m student digs triple deal

Student accommodation operator Empiric Student Property has agreed a deal with a Leicester-based property development for three forward funded developments in the city.

The deal will see London-based Empiric invest £15.975m for the three properties all located within walking distance of the University of Leicester and De Montfort University.

134 New Walk and 140-142 New Walk are Victorian terrace properties currently undergoing redevelopment that sandwiched the Empiric owned 136-138 New Walk.

Once completed, the properties will form a chain of student properties from 134 to 142, with 134 comprising 16 studios and 140-142 housing 42 studios and three 2-bed apartments.

The third property in the deal is Princess Road East, a new build, high spec scheme featuring 106 studios along with facilities including a gym, cinema, common room and work rooms.

Paul Hadaway, Chief Executive of Empiric Student Property plc, commented: “Following this acquisition, the Group will own 730 beds in Leicester, targeting both the University of Leicester and De Montfort University, with some 30,600 full-time students.

“The Group’s existing operating properties have a strong lettings history and are all fully let for the 2016/17 academic year. This acquisition is in line with Empiric’s investment criteria.”

All three properties are to be marketed under Empiric’s Hello Student brand, with 134 New Walk set to open in May 2017, while the other two properties will be operational in time for the 2018/19 academic year.