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Empiric acquires Revcap interest in JV asset

31 March 2017 08:03

Empiric Student Property has acquired the 50% share in Empiric (Glasgow) Limited previously owned by an investment fund affiliated with Revcap Advisors Limited.

The group said it now owned 100% of the interest in Willowbank in Glasgow.

The group entered into the 50:50 joint venture arrangement with Revcap to redevelop the former Willowbank Primary School site in August 2024.

Empiric said: "The project was completed in September 2016 and comprises 178 beds made up of a mix of studios and two to five bed apartments, together with communal facilities, and is adjacent to the group's Ballet School scheme.

"Both properties, which are managed by Hello Student, are currently fully let and bookings for the 2017/18 academic year are well ahead of bookings at this time last year." Empiric said it had agreed to pay Revcap £4.65 million as an initial payment calculated in accordance with the terms of the joint venture arrangements.

A further minor payment may become due within six months, dependent upon the settlement of certain contingent costs.

At 8:03am: (LON:ESP) Empiric Student Property Plc share price was -0.25p at 108.25p

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