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Empiric portfolio valuation up 37.7%

10 April 2017 07:46

Empiric Student Property's portfolio valuation rose to £721.3m at the end of December - 37.7% up from 30 June.

Basic net asset value per share increased to 105.9p - up 0.5% in the six months.

The group said that as at 31 December, the loan to value ratio was 31.1% (compared to a target of 35% and maximum of 40%), with a weighted average term to maturity for the debt of 7.5 years and a weighted average interest payable of 3.46%.

Chairman Baroness Dean of Thornton-le-Fylde said: "The last six months has been a period of continuing growth.

"We invested in or committed to a further 14 buildings with 1,142 beds in eight towns and cities across the UK, of which 10 buildings were operational.

"The number of revenue generating assets increased from 52 at 30 June 2016 to 75 at 31 December 2016.

"In addition, a key development was the approval by shareholders of a revised Investment Policy which enables us to grow our existing studio portfolio, as well as diversifying the range of student accommodation formats, catering for a wider group of students.

"These changes have facilitated the implementation of our 2025 Plan - our blueprint for the future growth of the group."

Story provided by StockMarketWire.com

Related Company: ESP

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