Empiric Student Property PLC acquires York student accommodation freehold for £23 million
Empiric Student Property PLC on Tuesday said it has acquired the freehold on a student accommodation scheme in York for GBP23.3 million.
Empiric said the 220-bed Foss Studios property was completed in time for the 2015-16 academic year. It is located directly opposite Empiric’s forward-funded development of Lawrence Street in York and close to both the University of York and York St John University.
The scheme has been acquired from Curlew Student Trust, the student property investment arm of CBRE Global Investment Partners.
“The historic and cosmopolitan city of York is regularly ranked one of the most beautiful in Europe and is one of the most accessible cities in the UK. Both universities have active and respected research programmes. This acquisition is in line with Empiric’s investment criteria and returns profile,” said Empiric Chief Executive Paul Hadaway.