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Empiric acquires forward funded scheme in Edinburgh

14 August 2017 07:57

Empiric Student Property has acquired land with planning permission and entered into a forward funded agreement for a 166 bed premium student accommodation development in Edinburgh for a total funding commitment of £26.56m, excluding costs.

Empiric said the property would be valued post-completion and the developer may be entitled to a further capped payment at that time.

Empiric said the redevelopment would involve the demolition of the existing buildings and the construction of new purpose-built student accommodation, comprising an all-studio bed scheme with communal facilities.

It said: "The property is one component of a wider mixed-use development (being constructed by the same developer, Peveril Securities Limited) comprising a hotel and 52 residential units. Practical completion of the Property is expected in time for the 2019/20 academic year."

Empiric will be responsible for the marketing and letting of the scheme through the Hello Student operating platform.

A show flat will be made available in November 2018 to coincide with the market cycle.

The property will be Empiric's second in Edinburgh, bringing the total size of the portfolio in the city to 254 beds. The property is located opposite the Edinburgh Castle and is a ten minute walk to the University of Edinburgh's main campus.

Story provided by StockMarketWire.com

Related Company: ESP

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