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Empiric Student Property (ESP)
skinny
- 30 Jun 2014 10:33
Prospectus
The investment objective of the Company is to provide Shareholders with regular, sustainable and growing long-term dividends (which it will seek to grow at least in line with the RPI inflation index) together with the potential for capital appreciation over the medium to long term.
Company Website
Recent Broker notes
BarChart Indicators
Recent Market news
ESP(ESP) Fundamentals
skinny
- 30 Jun 2014 10:33
- 2 of 91
First day of dealings
Sunday share tips: Whitbread, Petra Diamonds, Empiric Student Property
Buy Empiric Student Property when it floats this week to tap into demand for more upmarket student housing, Midas advised in the Mail on Sunday. The management team will use £80m of the flotation proceeds to buy 11 properties to add to its existing fully occupied housing. In the UK’s 27 top university cities, 96% of non-first years have no access to purpose-built housing. Many are prepared to pay to be near city centres, including 300,000 international students. Investors can expect a 6% dividend yield in the first year and capital growth as rents rise and development properties come into use
Sunday share tips: Whitbread, Petra Diamonds, Empiric Student Property
Buy Empiric Student Property when it floats this week to tap into demand for more upmarket student housing, Midas advised in the Mail on Sunday. The management team will use £80m of the flotation proceeds to buy 11 properties to add to its existing fully occupied housing. In the UK’s 27 top university cities, 96% of non-first years have no access to purpose-built housing. Many are prepared to pay to be near city centres, including 300,000 international students. Investors can expect a 6% dividend yield in the first year and capital growth as rents rise and development properties come into use
skinny
- 06 Jul 2014 14:09
- 3 of 91
Empiric Student Property-Seed Property Acquisition
ESP acquires first three student accommodation properties for c.£31m
The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that, following the successful completion of its recent IPO, it has now completed the acquisition of its first three student accommodation properties for a total consideration of c. £31m, as set out below:
· College Green, Bristol (84 bed long leasehold property, acquired for £9.97m at a net initial yield of 6.4%);
· Picturehouse Apartments, Exeter (102 bed freehold property, acquired for £11.41m at a net initial yield of 6.5%); and
· Summit House, Cardiff (87 bed freehold property, acquired for £9.58m at a net initial yield of 6.5%).
In addition, the Board expects to complete the acquisition of Edge Apartments, Birmingham (77 bed freehold property) at an acquisition price of £8.94 million, by mid-August 2014 (upon practical completion of the building). Following this, the aggregate consideration paid for all four initial student accommodation properties will be c. £40m, representing almost 48 per cent. of the net proceeds from the IPO.
Further Acquisition
ESP acquires forward funded property in Edinburgh
The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company has entered into an agreement in relation to the acquisition of a forward funded development of an 86 bed direct-let, premium student accommodation scheme in Edinburgh.
The Company has agreed to purchase the freehold of the site, part of a listed former cinema building, located on Buccleuch Street, Edinburgh, from Cruden Homes (East) Limited for a total consideration of c. £8.52m. Cruden Homes (East) Limited will be managing the construction of the property on behalf of ESP, with practical completion scheduled for May 2016.
ESP acquires first three student accommodation properties for c.£31m
The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that, following the successful completion of its recent IPO, it has now completed the acquisition of its first three student accommodation properties for a total consideration of c. £31m, as set out below:
· College Green, Bristol (84 bed long leasehold property, acquired for £9.97m at a net initial yield of 6.4%);
· Picturehouse Apartments, Exeter (102 bed freehold property, acquired for £11.41m at a net initial yield of 6.5%); and
· Summit House, Cardiff (87 bed freehold property, acquired for £9.58m at a net initial yield of 6.5%).
In addition, the Board expects to complete the acquisition of Edge Apartments, Birmingham (77 bed freehold property) at an acquisition price of £8.94 million, by mid-August 2014 (upon practical completion of the building). Following this, the aggregate consideration paid for all four initial student accommodation properties will be c. £40m, representing almost 48 per cent. of the net proceeds from the IPO.
Further Acquisition
ESP acquires forward funded property in Edinburgh
The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company has entered into an agreement in relation to the acquisition of a forward funded development of an 86 bed direct-let, premium student accommodation scheme in Edinburgh.
The Company has agreed to purchase the freehold of the site, part of a listed former cinema building, located on Buccleuch Street, Edinburgh, from Cruden Homes (East) Limited for a total consideration of c. £8.52m. Cruden Homes (East) Limited will be managing the construction of the property on behalf of ESP, with practical completion scheduled for May 2016.
skinny
- 09 Jul 2014 07:11
- 4 of 91
Further Acquisition
ESP enters joint venture to acquire development project in Southampton
The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company, in a 50:50 joint venture arrangement with Revcap Advisors Limited ("Revcap") (the "JV Entity"), has exchanged contracts to acquire a direct development project in Southampton. The project comprises the redevelopment of a commercial property into a direct-let, premium student accommodation scheme and has planning permission for 158 studio beds.
The JV Entity has agreed to purchase the freehold of Brunswick House, on Brunswick Place, Southampton from Bannerdale Estates Limited for consideration of £3.575m (excluding VAT). The acquisition is expected to complete on 28 July 2014. The proposed opening target date for the development is September 2015.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Brunswick House is a significant student accommodation development scheme in central Southampton, close to Southampton Solent University and between the city centre and the University of Southampton. We look forward to working with Revcap to develop this project in time for the 2015/16 academic year."
ESP enters joint venture to acquire development project in Southampton
The Board of Empiric Student Property plc (LSE: ESP) is pleased to announce that the Company, in a 50:50 joint venture arrangement with Revcap Advisors Limited ("Revcap") (the "JV Entity"), has exchanged contracts to acquire a direct development project in Southampton. The project comprises the redevelopment of a commercial property into a direct-let, premium student accommodation scheme and has planning permission for 158 studio beds.
The JV Entity has agreed to purchase the freehold of Brunswick House, on Brunswick Place, Southampton from Bannerdale Estates Limited for consideration of £3.575m (excluding VAT). The acquisition is expected to complete on 28 July 2014. The proposed opening target date for the development is September 2015.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Brunswick House is a significant student accommodation development scheme in central Southampton, close to Southampton Solent University and between the city centre and the University of Southampton. We look forward to working with Revcap to develop this project in time for the 2015/16 academic year."
dreamcatcher
- 08 Nov 2014 22:50
- 5 of 91
MIDAS UPDATE: Second fundraising for luxury student flats operator Empiric
By Joanne Hart, Financial Mail on Sunday
Published: 22:11, 8 November 2014 | Updated: 22:11, 8 November 2014
An uncomfortable number of companies have had to pull out of flotations in recent months because large investors were unimpressed with what they had to offer.
But one firm that has managed to come to market is Empiric Student Property, which specialises in high-end accommodation, primarily for overseas students.
Midas looked at Empiric in June, a fortnight before it floated. At the time, the company said it wanted to raise between £110million and £150million at 100p a share. Ultimately, it raised £85million.
Class act: Empiric wants £65million from investors to create top-end student flats
Today, the stock is 102p and Empiric is now asking for just over £65million more cash – essentially the money it wanted back in June, but this time at 101p a share. Empiric is ambitious. The company is targeting a 6 per cent dividend yield and 7 per cent capital growth annually, achieved from a combination of rental income and an increase in the value of its properties.
The early signs are promising. Having come to market on June 30, the group has said it will pay a 2p dividend for the five months to December and a significant increase is likely for 2015.
The company already has eight accommodation buildings, which are more than 99 per cent let for the next academic year, and most of the £85million has been invested or committed.
Chief executive Paul Hadaway wants more money because he is in advanced negotiations to buy 15 more properties valued at about £180million.
The company will need to return to the stock market if all these negotiations prove successful and Hadaway has said that he would like to have 300 million shares in issue within a couple of years – more than double the number that will be in issue if this latest fundraising is successful.
In some sectors, such a programme would sound scary. For Empiric, it makes sense. Student accommodation is in short supply and Empiric is focusing on upmarket units in top university towns, where rents are rising above inflation.
Midas verdict: Empiric is operating in a growth market, Hadaway is an experienced operator and the company should deliver a decent mixture of income and share price appreciation. The current fundraising is worth a close look, particularly for longterm investors.
Traded on: Main market Ticker: ESP
By Joanne Hart, Financial Mail on Sunday
Published: 22:11, 8 November 2014 | Updated: 22:11, 8 November 2014
An uncomfortable number of companies have had to pull out of flotations in recent months because large investors were unimpressed with what they had to offer.
But one firm that has managed to come to market is Empiric Student Property, which specialises in high-end accommodation, primarily for overseas students.
Midas looked at Empiric in June, a fortnight before it floated. At the time, the company said it wanted to raise between £110million and £150million at 100p a share. Ultimately, it raised £85million.
Class act: Empiric wants £65million from investors to create top-end student flats
Today, the stock is 102p and Empiric is now asking for just over £65million more cash – essentially the money it wanted back in June, but this time at 101p a share. Empiric is ambitious. The company is targeting a 6 per cent dividend yield and 7 per cent capital growth annually, achieved from a combination of rental income and an increase in the value of its properties.
The early signs are promising. Having come to market on June 30, the group has said it will pay a 2p dividend for the five months to December and a significant increase is likely for 2015.
The company already has eight accommodation buildings, which are more than 99 per cent let for the next academic year, and most of the £85million has been invested or committed.
Chief executive Paul Hadaway wants more money because he is in advanced negotiations to buy 15 more properties valued at about £180million.
The company will need to return to the stock market if all these negotiations prove successful and Hadaway has said that he would like to have 300 million shares in issue within a couple of years – more than double the number that will be in issue if this latest fundraising is successful.
In some sectors, such a programme would sound scary. For Empiric, it makes sense. Student accommodation is in short supply and Empiric is focusing on upmarket units in top university towns, where rents are rising above inflation.
Midas verdict: Empiric is operating in a growth market, Hadaway is an experienced operator and the company should deliver a decent mixture of income and share price appreciation. The current fundraising is worth a close look, particularly for longterm investors.
Traded on: Main market Ticker: ESP
js8106455 - 26 Feb 2015 16:36 - 6 of 91
dreamcatcher
- 18 Sep 2015 20:13
- 7 of 91
skinny
- 21 Sep 2015 14:28
- 8 of 91
Jefferies International Buy 110.13 - 125.00 Initiates/Starts
skinny
- 09 Nov 2015 07:21
- 9 of 91
ESP to acquire student accommodation in Cardiff
Empiric to acquire student accommodation property on practical completion in Cardiff: Windsor House
The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire on practical completion the freehold of a premium student accommodation property in central Cardiff for £40 million (excluding costs).
The property, which is Empiric's fourth acquisition in Cardiff, is located directly opposite the Group's existing Summit House property on Windsor Place, in the city centre within a ten-minute walk from the University of Cardiff. Cardiff is also home to Cardiff Metropolitan University and the University of South Wales.
The new-build student accommodation property is currently under construction and will comprise 314 beds across a mix of studios and two bed apartments, with communal facilities. This will increase the Group's presence in Cardiff to 519 beds, representing approximately 2% of the full-time student population in Cardiff.
The property, which will be acquired with a first year rental guarantee, is currently owned by the developer, Fusion Students, and is expected to be operational by August 2016, in time for the 2016/17 academic year.
Empiric to acquire student accommodation property on practical completion in Cardiff: Windsor House
The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire on practical completion the freehold of a premium student accommodation property in central Cardiff for £40 million (excluding costs).
The property, which is Empiric's fourth acquisition in Cardiff, is located directly opposite the Group's existing Summit House property on Windsor Place, in the city centre within a ten-minute walk from the University of Cardiff. Cardiff is also home to Cardiff Metropolitan University and the University of South Wales.
The new-build student accommodation property is currently under construction and will comprise 314 beds across a mix of studios and two bed apartments, with communal facilities. This will increase the Group's presence in Cardiff to 519 beds, representing approximately 2% of the full-time student population in Cardiff.
The property, which will be acquired with a first year rental guarantee, is currently owned by the developer, Fusion Students, and is expected to be operational by August 2016, in time for the 2016/17 academic year.
skinny
- 01 Mar 2016 10:23
- 10 of 91
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2015
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of modern, premium student accommodation across the UK, today announced the Company's unaudited interim results for the six months to 31 December 2015.
HIGHLIGHTS
Financial
· As at 31 December 2015, our portfolio was valued at £361.7m (30 June 2015: £251.3m).
· Our portfolio of operating assets had gross annualised income of £25.1m as at 31 December 2015 (31 December 2014: £8.4m).
· We have paid or declared two dividends in respect of the six month period ended 31 December 2015, equating in aggregate to 3p per share (see Post balance sheet highlights below).
· Our total return for the period from IPO to 31 December 2015 was 19%(1).
· We raised an additional £161.4m (gross) of equity and drew down an additional £19.1m of the RBS debt facility.
Operational
· We acquired a further 2,165 beds (596 operating and 1,569 under development), bringing our total to 5,686 beds across 58 assets in 26 cities and towns as at 31 December 2015.
· The average net initial yield of our operating portfolio at acquisition is 6.4% against our period end valuation yield of 5.8%. Our portfolio is fully let(2) for the 2015/16 academic year.
Post balance sheet highlights
· We have started building our operational capacity to bring marketing, billing, booking and building and facilities management together under one brand and platform: Hello Student®.
· Dividend of 1.5p declared for the period 1 October to 31 December 2015.
· New secured debt facility of £40m agreed with Canada Life, and targeting an LTV of 35% in the near term.
· Launch of new 165m share issuance programme in order to achieve our stated objective to acquire 10,000 beds. Initial tranche to raise target gross proceeds of £90m to fund the near term acquisition pipeline.
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of modern, premium student accommodation across the UK, today announced the Company's unaudited interim results for the six months to 31 December 2015.
HIGHLIGHTS
Financial
· As at 31 December 2015, our portfolio was valued at £361.7m (30 June 2015: £251.3m).
· Our portfolio of operating assets had gross annualised income of £25.1m as at 31 December 2015 (31 December 2014: £8.4m).
· We have paid or declared two dividends in respect of the six month period ended 31 December 2015, equating in aggregate to 3p per share (see Post balance sheet highlights below).
· Our total return for the period from IPO to 31 December 2015 was 19%(1).
· We raised an additional £161.4m (gross) of equity and drew down an additional £19.1m of the RBS debt facility.
Operational
· We acquired a further 2,165 beds (596 operating and 1,569 under development), bringing our total to 5,686 beds across 58 assets in 26 cities and towns as at 31 December 2015.
· The average net initial yield of our operating portfolio at acquisition is 6.4% against our period end valuation yield of 5.8%. Our portfolio is fully let(2) for the 2015/16 academic year.
Post balance sheet highlights
· We have started building our operational capacity to bring marketing, billing, booking and building and facilities management together under one brand and platform: Hello Student®.
· Dividend of 1.5p declared for the period 1 October to 31 December 2015.
· New secured debt facility of £40m agreed with Canada Life, and targeting an LTV of 35% in the near term.
· Launch of new 165m share issuance programme in order to achieve our stated objective to acquire 10,000 beds. Initial tranche to raise target gross proceeds of £90m to fund the near term acquisition pipeline.
skinny
- 01 Mar 2016 10:29
- 11 of 91
HARRYCAT
- 10 Mar 2016 11:50
- 12 of 91
StockMarketWire.com
Empiric Student Property will be added to the FTSE EPRA/NAREIT Global Real Estate Index Series from 21 March having successfully satisfied the required eligibility criteria during the March 2016 review.
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Closing date for the extra equity is 15th March 2016......107.5p
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The Company has today declared a dividend of 1.5 pence per Share for the period 1 October 2015 to 31 December 2015 to Shareholders on the register on 11 March 2016. The dividend is expected to be paid on or around 23 March 2016.
Empiric Student Property will be added to the FTSE EPRA/NAREIT Global Real Estate Index Series from 21 March having successfully satisfied the required eligibility criteria during the March 2016 review.
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Closing date for the extra equity is 15th March 2016......107.5p
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The Company has today declared a dividend of 1.5 pence per Share for the period 1 October 2015 to 31 December 2015 to Shareholders on the register on 11 March 2016. The dividend is expected to be paid on or around 23 March 2016.
HARRYCAT
- 10 Mar 2016 11:58
- 13 of 91
So not much of a discount to current sp for the new shares and goes ex-divi tomorrow.
Will be interesting to see if the sp goes below the offer price.
Will be interesting to see if the sp goes below the offer price.
skinny
- 24 Mar 2016 16:25
- 14 of 91
Numis Add 109.00 124.00 124.00 Retains
HARRYCAT
- 24 Mar 2016 16:50
- 15 of 91
I quite like this one. Forecast divi yield around the 5.5% level. Want to put it in my stock ISA so will have to wait for 6th Apr.
HARRYCAT
- 29 Mar 2016 09:26
- 16 of 91
StockMarketWire.com
Empiric Student Property has acquired student accommodation properties in Reading and Manchester.
In Reading, Empiric has acquired the freehold of an 83 bed, premium student accommodation property in Reading for a consideration of GBP13.0 million (excluding costs) from the developer, Bywater Properties.
Saxon Court, the group's first acquisition in Reading, was newly built for the 2015/16 academic year to a high specification. The property is an all-studio scheme with communal facilities, plus a basement car park, which is let for a five-year term to a local operator. The property is located in central Reading, within a short walk of the railway station and the London Road and Whiteknights campuses of the University of Reading.
In Manchester, the group has acquired the 145 year leasehold of a 117 bed, premium student accommodation property in Manchester for £10.25 million (excluding costs) from Accrue Capital.
As well as the two main universities, The University of Manchester and Manchester Metropolitan University, the city is home to several smaller institutions such as the Royal Northern College of Music. The city, therefore, has the second highest student population outside London.
Ladybarn House was built in 1994 by The University of Manchester (which remains the freeholder) and was subsequently comprehensively refurbished by Accrue Capital in 2012. The property comprises 117 beds over three floors in a mix of studios, 1-bed apartments and 4-bed en-suite apartments, with communal facilities. The property also has four ground floor retail units which are fully let. The property is located in the popular student suburb of Fallowfield, south Manchester, opposite The University of Manchester's residential Fallowfield Campus.
Empiric Student Property has acquired student accommodation properties in Reading and Manchester.
In Reading, Empiric has acquired the freehold of an 83 bed, premium student accommodation property in Reading for a consideration of GBP13.0 million (excluding costs) from the developer, Bywater Properties.
Saxon Court, the group's first acquisition in Reading, was newly built for the 2015/16 academic year to a high specification. The property is an all-studio scheme with communal facilities, plus a basement car park, which is let for a five-year term to a local operator. The property is located in central Reading, within a short walk of the railway station and the London Road and Whiteknights campuses of the University of Reading.
In Manchester, the group has acquired the 145 year leasehold of a 117 bed, premium student accommodation property in Manchester for £10.25 million (excluding costs) from Accrue Capital.
As well as the two main universities, The University of Manchester and Manchester Metropolitan University, the city is home to several smaller institutions such as the Royal Northern College of Music. The city, therefore, has the second highest student population outside London.
Ladybarn House was built in 1994 by The University of Manchester (which remains the freeholder) and was subsequently comprehensively refurbished by Accrue Capital in 2012. The property comprises 117 beds over three floors in a mix of studios, 1-bed apartments and 4-bed en-suite apartments, with communal facilities. The property also has four ground floor retail units which are fully let. The property is located in the popular student suburb of Fallowfield, south Manchester, opposite The University of Manchester's residential Fallowfield Campus.
HARRYCAT
- 31 Mar 2016 08:34
- 17 of 91
StockMarketWire.com
Empiric Student Property has acquired the land and entered into a forward funded development agreement for a 115 bed, premium student accommodation development in York for a total funding commitment of GBP11.1 million.
The property, Empiric's first in York, is located between York city centre and the University of York, and is approximately 1.5 miles from York St John University.
According to the latest HESA statistics (for the 2014/15 academic year), the total full-time student population in York was over 20,000, with 20.5% international students and 17.8% postgraduates. The University of York is ranked 15th in The Times Good University Guide 2016.
The Lawrence Street development comprises the redevelopment of two existing listed buildings, together with a newly built wing, to create a premium student accommodation scheme with a mix of studios and flats with one, two, three and five bedrooms, as well as communal facilities. The existing buildings will be retained, repaired and refurbished in accordance with the Listed Building Consent which has been granted.
Empiric Student Property has acquired the land and entered into a forward funded development agreement for a 115 bed, premium student accommodation development in York for a total funding commitment of GBP11.1 million.
The property, Empiric's first in York, is located between York city centre and the University of York, and is approximately 1.5 miles from York St John University.
According to the latest HESA statistics (for the 2014/15 academic year), the total full-time student population in York was over 20,000, with 20.5% international students and 17.8% postgraduates. The University of York is ranked 15th in The Times Good University Guide 2016.
The Lawrence Street development comprises the redevelopment of two existing listed buildings, together with a newly built wing, to create a premium student accommodation scheme with a mix of studios and flats with one, two, three and five bedrooms, as well as communal facilities. The existing buildings will be retained, repaired and refurbished in accordance with the Listed Building Consent which has been granted.
HARRYCAT
- 01 Apr 2016 10:31
- 18 of 91
StockMarketWire.com
Empiric Student Property has acquired the freehold of a 44 bed student accommodation property in Oxford for GBP4.5 million (excluding costs).
Stonemason House was built in 2011 as a new build scheme in time for the 2011/12 academic year. The property comprises 44 beds in a mix of four, five, six and seven-bed en-suite apartments. The property is located just off Cowley Road, a vibrant and multi-cultural area of Oxford, with bars, restaurants and boutique shops, popular with students from both universities.
The property has been acquired from a local housing association and since completion in 2011 has been leased to St Cross College of The University of Oxford. The current three-year lease is due to expire in September 2017. The property will be managed through the Company's Hello Student operating platform.
Chief executive Paul Hadaway said: "Stonemason House is our first acquisition in Oxford, a city synonymous with higher education in the UK. The property benefits from an existing lease with St Cross College, guaranteeing full occupancy for the term of the lease. We are very pleased to have been able to acquire this property in a market with limited private sector, purpose-built student accommodation. This acquisition is in line with Empiric's investment criteria and returns profile."
Empiric Student Property has acquired the freehold of a 44 bed student accommodation property in Oxford for GBP4.5 million (excluding costs).
Stonemason House was built in 2011 as a new build scheme in time for the 2011/12 academic year. The property comprises 44 beds in a mix of four, five, six and seven-bed en-suite apartments. The property is located just off Cowley Road, a vibrant and multi-cultural area of Oxford, with bars, restaurants and boutique shops, popular with students from both universities.
The property has been acquired from a local housing association and since completion in 2011 has been leased to St Cross College of The University of Oxford. The current three-year lease is due to expire in September 2017. The property will be managed through the Company's Hello Student operating platform.
Chief executive Paul Hadaway said: "Stonemason House is our first acquisition in Oxford, a city synonymous with higher education in the UK. The property benefits from an existing lease with St Cross College, guaranteeing full occupancy for the term of the lease. We are very pleased to have been able to acquire this property in a market with limited private sector, purpose-built student accommodation. This acquisition is in line with Empiric's investment criteria and returns profile."
HARRYCAT
- 04 Apr 2016 08:09
- 19 of 91
StockMarketWire.com
Empiric Student Property has agreed a new fixed rate term loan facility of GBP80 million arranged by Cornerstone Real Estate Advisers Europe LLP, a member of the MassMutual Financial Group.
The facility is secured against a portfolio of 20 operating assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Four) Limited.
The facility is available to draw down in full, subject to the fulfilment of certain conditions precedent, until 12 April 2016. It is repayable 12 years from the date of the initial draw down and has a fixed all in rate of 3.24 per cent., interest only, throughout the term. This rate is fixed up to a loan to value ratio of 55 per cent.
The amounts drawn down under the Facility will be segregated and non-recourse to the Company. Part of the Facility will be used to refinance GBP37.2 million of debt which has been repaid to Santander and Royal Bank of Scotland, with the balance of £42.8 million (before expenses) to be used to fund further acquisitions.
Empiric Student Property has agreed a new fixed rate term loan facility of GBP80 million arranged by Cornerstone Real Estate Advisers Europe LLP, a member of the MassMutual Financial Group.
The facility is secured against a portfolio of 20 operating assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Four) Limited.
The facility is available to draw down in full, subject to the fulfilment of certain conditions precedent, until 12 April 2016. It is repayable 12 years from the date of the initial draw down and has a fixed all in rate of 3.24 per cent., interest only, throughout the term. This rate is fixed up to a loan to value ratio of 55 per cent.
The amounts drawn down under the Facility will be segregated and non-recourse to the Company. Part of the Facility will be used to refinance GBP37.2 million of debt which has been repaid to Santander and Royal Bank of Scotland, with the balance of £42.8 million (before expenses) to be used to fund further acquisitions.
HARRYCAT
- 25 Apr 2016 08:31
- 20 of 91
StockMarketWire.com
Empiric Student Property has acquired the long leasehold - 999 years from March 2007 - of a 561 bed scheme in Manchester for GBP29.5 million (excluding costs) from MCR Property Group. Victoria Point, Manchester, was constructed in 2009 by the vendor as a private residential scheme comprising apartments and duplexes across six separate blocks of accommodation on a 3.5 acre site.
The property has been let entirely to students since it was built and is located in the Victoria Park area of Manchester, a popular student area convenient for The University of Manchester, Manchester Metropolitan University and the Royal Northern College of Music.
Chief executive Paul Hadaway said: "With its large student population - the third largest in the UK with 61,990 full-time students in 2014/15 according to HESA statistics - we are pleased to have made this further significant purchase in Manchester, taking our presence in the city to 765 beds. This large site with low density provides the opportunity for further development, if appropriate, including communal facilities to create a purpose-built student hub. This acquisition is in line with Empiric's investment criteria and returns profile."
Empiric also announced that it has acquired the 50% share in Empiric (Southampton) Limited previously owned by an investment fund affiliated with Revcap Advisors Limited. As a result, the group now owns 100% of the interest in Brunswick House in Southampton. In July 2014, the Group entered into the 50:50 joint venture arrangement with Revcap to redevelop Brunswick House.
The project was completed in September 2015 and comprises 173 beds made up of a mix of studios and one, two and three bed apartments, together with communal facilities, and four commercial units. The property is currently fully let and bookings for the 2016/17 academic year are well ahead of bookings at this time last year. Empiric has agreed to pay Revcap GBP4.95 million as an initial payment calculated in accordance with the terms of the joint venture arrangements. A further payment will become due within 18 months, the quantum of which will be determined at the time based on certain specified parameters. Following completion of this transaction, the group has assumed full responsibility for the GBP10.03 million development loan facility in place with Close Brothers Limited in relation to Brunswick House. Under the terms of the facility, the loan is repayable on 31 December 2016.
Empiric Student Property has acquired the long leasehold - 999 years from March 2007 - of a 561 bed scheme in Manchester for GBP29.5 million (excluding costs) from MCR Property Group. Victoria Point, Manchester, was constructed in 2009 by the vendor as a private residential scheme comprising apartments and duplexes across six separate blocks of accommodation on a 3.5 acre site.
The property has been let entirely to students since it was built and is located in the Victoria Park area of Manchester, a popular student area convenient for The University of Manchester, Manchester Metropolitan University and the Royal Northern College of Music.
Chief executive Paul Hadaway said: "With its large student population - the third largest in the UK with 61,990 full-time students in 2014/15 according to HESA statistics - we are pleased to have made this further significant purchase in Manchester, taking our presence in the city to 765 beds. This large site with low density provides the opportunity for further development, if appropriate, including communal facilities to create a purpose-built student hub. This acquisition is in line with Empiric's investment criteria and returns profile."
Empiric also announced that it has acquired the 50% share in Empiric (Southampton) Limited previously owned by an investment fund affiliated with Revcap Advisors Limited. As a result, the group now owns 100% of the interest in Brunswick House in Southampton. In July 2014, the Group entered into the 50:50 joint venture arrangement with Revcap to redevelop Brunswick House.
The project was completed in September 2015 and comprises 173 beds made up of a mix of studios and one, two and three bed apartments, together with communal facilities, and four commercial units. The property is currently fully let and bookings for the 2016/17 academic year are well ahead of bookings at this time last year. Empiric has agreed to pay Revcap GBP4.95 million as an initial payment calculated in accordance with the terms of the joint venture arrangements. A further payment will become due within 18 months, the quantum of which will be determined at the time based on certain specified parameters. Following completion of this transaction, the group has assumed full responsibility for the GBP10.03 million development loan facility in place with Close Brothers Limited in relation to Brunswick House. Under the terms of the facility, the loan is repayable on 31 December 2016.
HARRYCAT
- 26 Apr 2016 08:09
- 21 of 91
StockMarketWire.com
Empiric Student Property has acquired the freehold of a site on Trippet Lane, Sheffield, with planning permission for a 63 bed student accommodation development, at a cost of GBP750,000 (excluding fees).
The site is located in central Sheffield, within 100 metres of the University of Sheffield's North Campus and within walking distance of the Group's current developments in Sheffield, Portobello House and Provincial House. The 63 bed scheme will involve the demolition of the existing building and the development of a seven storey block housing 50 student apartments and associated communal facilities.
The company is currently negotiating with a developer on a forward funded development contract for the site, with a view to the development being completed by August 2017, in time for the 2017/18 academic year. Further information regarding the proposed project will be announced in due course.
Empiric Student Property has acquired the freehold of a site on Trippet Lane, Sheffield, with planning permission for a 63 bed student accommodation development, at a cost of GBP750,000 (excluding fees).
The site is located in central Sheffield, within 100 metres of the University of Sheffield's North Campus and within walking distance of the Group's current developments in Sheffield, Portobello House and Provincial House. The 63 bed scheme will involve the demolition of the existing building and the development of a seven storey block housing 50 student apartments and associated communal facilities.
The company is currently negotiating with a developer on a forward funded development contract for the site, with a view to the development being completed by August 2017, in time for the 2017/18 academic year. Further information regarding the proposed project will be announced in due course.
HARRYCAT
- 04 May 2016 09:10
- 22 of 91
StockMarketWire.com
Empiric Student Property has exchanged contracts to acquire, subject to planning, the freehold of a site on Well Street, Exeter, at a cost of GBP1.5 million (excluding fees). The vompany is in the process of applying for planning permission with Exeter City Council for a premium student accommodation development on the site, comprising approximately 68 beds.
The exact mix of room types is still to be determined but it is anticipated that the development will be completed in time for the 2017/18 academic year and, like the Group's other four properties in Exeter, will be managed by Collegiate AC. The site is located within a 10 minute walk to the University of Exeter's main campus and is in close proximity to the Group's other schemes in the city. On completion of this and the Group's other developments in the city, Empiric will own c.411 operating beds in Exeter, serving approximately 2% of the full-time student population. On receipt of planning permission, the Company will enter into an appropriate development contract.
Empiric Student Property has exchanged contracts to acquire, subject to planning, the freehold of a site on Well Street, Exeter, at a cost of GBP1.5 million (excluding fees). The vompany is in the process of applying for planning permission with Exeter City Council for a premium student accommodation development on the site, comprising approximately 68 beds.
The exact mix of room types is still to be determined but it is anticipated that the development will be completed in time for the 2017/18 academic year and, like the Group's other four properties in Exeter, will be managed by Collegiate AC. The site is located within a 10 minute walk to the University of Exeter's main campus and is in close proximity to the Group's other schemes in the city. On completion of this and the Group's other developments in the city, Empiric will own c.411 operating beds in Exeter, serving approximately 2% of the full-time student population. On receipt of planning permission, the Company will enter into an appropriate development contract.
skinny
- 17 May 2016 07:12
- 23 of 91
Nomination Agreement with Falmouth University
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of modern, premium student accommodation across the UK, is pleased to announce that the Group has entered into a nomination agreement with Falmouth Exeter Plus ("FX Plus"), which delivers all shared services, including accommodation, to the students of Penryn Campus, in respect of the Group's existing 137 bed operating property in Falmouth, Maritime Studios (the "Nomination Agreement"). The duration of the Nomination Agreement is for three years from commencement in September 2016.
Under the terms of the Nomination Agreement, Maritime Studios will be directly let to students from Falmouth University, which FX Plus will provide and the Group will benefit from a guarantee of 100% of the annual fee income for the available accommodation (the "Annual Fee") for the duration of the Nomination Agreement. The Annual Fee, which has been agreed at current market rates, will be subject to an annual increase of between 2 to 5%, with reference to the Retail Price Index.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"The Nomination Agreement provides Empiric with committed income for its current operating Falmouth property for a three-year period at current market rates, subject to annual increases, as well as providing Falmouth University students with access to premium student accommodation. We look forward to a strong working relationship with FX Plus going forward. This is the Group's second nomination agreement and, as with the previous agreement for the Group's assets in Bath, this remains a direct-let model with the added benefit of the Annual Fee being underwritten."
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of modern, premium student accommodation across the UK, is pleased to announce that the Group has entered into a nomination agreement with Falmouth Exeter Plus ("FX Plus"), which delivers all shared services, including accommodation, to the students of Penryn Campus, in respect of the Group's existing 137 bed operating property in Falmouth, Maritime Studios (the "Nomination Agreement"). The duration of the Nomination Agreement is for three years from commencement in September 2016.
Under the terms of the Nomination Agreement, Maritime Studios will be directly let to students from Falmouth University, which FX Plus will provide and the Group will benefit from a guarantee of 100% of the annual fee income for the available accommodation (the "Annual Fee") for the duration of the Nomination Agreement. The Annual Fee, which has been agreed at current market rates, will be subject to an annual increase of between 2 to 5%, with reference to the Retail Price Index.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"The Nomination Agreement provides Empiric with committed income for its current operating Falmouth property for a three-year period at current market rates, subject to annual increases, as well as providing Falmouth University students with access to premium student accommodation. We look forward to a strong working relationship with FX Plus going forward. This is the Group's second nomination agreement and, as with the previous agreement for the Group's assets in Bath, this remains a direct-let model with the added benefit of the Annual Fee being underwritten."
skinny
- 25 May 2016 08:57
- 24 of 91
Dividend Declaration
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a third interim dividend for the financial year ending 30 June 2016 of 1.5 pence per Ordinary Share in respect of the quarter ended 31 March 2016, payable on or around 23 June 2016 to Ordinary Shareholders on the register on 10 June 2016. The ex-dividend date will be 9 June 2016.
This dividend will be paid as an ordinary UK dividend ("non-PID").
The Company confirms an annual dividend target of at least 6 pence per Ordinary Share for the financial year ending 30 June 2016. Thereafter, dividends are expected to grow by not less than the RPI inflation index (1).
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a third interim dividend for the financial year ending 30 June 2016 of 1.5 pence per Ordinary Share in respect of the quarter ended 31 March 2016, payable on or around 23 June 2016 to Ordinary Shareholders on the register on 10 June 2016. The ex-dividend date will be 9 June 2016.
This dividend will be paid as an ordinary UK dividend ("non-PID").
The Company confirms an annual dividend target of at least 6 pence per Ordinary Share for the financial year ending 30 June 2016. Thereafter, dividends are expected to grow by not less than the RPI inflation index (1).
HARRYCAT
- 31 May 2016 07:48
- 25 of 91
StockMarketWire.com
Empiric Student Property has acquired the freeholds of three operational, direct-let, premium student accommodation properties in Leicester, comprising a total of 106 beds, for a consideration of GBP8.8 million (excluding acquisition costs).
Bede Park (completed in 2012) is a conversion of a 1900s two storey industrial unit, with a further two floors added. The property provides a total of 59 beds, comprising 49 studios and five two-bedroom apartments, as well as communal facilities including a large gym, cinema room and a communal living area. There is a ground floor retail unit, which is currently let to The Co-operative food store. Bede Park is located to the west of the Soar River on a busy pedestrian route between De Montfort University, which is a ten minute walk away, and the popular Narborough Road area. 136-138 New Walk (completed in 2013) and 160 New Walk (completed in 2015) are both conversions of three storey Victorian mid-terraces, which have been extended to the rear and are all-studio schemes with 30 beds and 17 beds, respectively. The properties each offer communal facilities, including a gym and cinema room. Located close to the University of Leicester in an attractive area, these New Walk properties are on a pedestrian-only road linking Victoria Park to the city centre. The properties have an excellent occupational track record and are fully let for the 2015/16 academic year, with 90% already pre-let across the portfolio for 2016/17. The three properties are being acquired from a Leicester-based property company, which will continue to manage the operation of the properties on behalf of Empiric until the end of the current academic year.
Chief executive Paul Hadaway said: "Home to both the University of Leicester and De Montfort University, Leicester had a full-time student population of over 30,000 in 2014/15 (according to the latest available HESA data), of which some 26.5% are international students and almost 20% are postgraduates. This acquisition brings the beds owned in Leicester by Empiric to 280 and we are exploring further opportunities in this popular student city. This acquisition is in line with Empiric's investment criteria and returns profile."
Empiric Student Property has acquired the freeholds of three operational, direct-let, premium student accommodation properties in Leicester, comprising a total of 106 beds, for a consideration of GBP8.8 million (excluding acquisition costs).
Bede Park (completed in 2012) is a conversion of a 1900s two storey industrial unit, with a further two floors added. The property provides a total of 59 beds, comprising 49 studios and five two-bedroom apartments, as well as communal facilities including a large gym, cinema room and a communal living area. There is a ground floor retail unit, which is currently let to The Co-operative food store. Bede Park is located to the west of the Soar River on a busy pedestrian route between De Montfort University, which is a ten minute walk away, and the popular Narborough Road area. 136-138 New Walk (completed in 2013) and 160 New Walk (completed in 2015) are both conversions of three storey Victorian mid-terraces, which have been extended to the rear and are all-studio schemes with 30 beds and 17 beds, respectively. The properties each offer communal facilities, including a gym and cinema room. Located close to the University of Leicester in an attractive area, these New Walk properties are on a pedestrian-only road linking Victoria Park to the city centre. The properties have an excellent occupational track record and are fully let for the 2015/16 academic year, with 90% already pre-let across the portfolio for 2016/17. The three properties are being acquired from a Leicester-based property company, which will continue to manage the operation of the properties on behalf of Empiric until the end of the current academic year.
Chief executive Paul Hadaway said: "Home to both the University of Leicester and De Montfort University, Leicester had a full-time student population of over 30,000 in 2014/15 (according to the latest available HESA data), of which some 26.5% are international students and almost 20% are postgraduates. This acquisition brings the beds owned in Leicester by Empiric to 280 and we are exploring further opportunities in this popular student city. This acquisition is in line with Empiric's investment criteria and returns profile."
skinny
- 09 Jun 2016 10:05
- 26 of 91
Empiric acquires student accommodation property in Leeds: Pennine House
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the freehold of a 127 bed student accommodation property in Leeds for £17.8 million (excluding costs).
Pennine House was developed by the current management of Empiric (prior to the formation of the Company) on behalf of the vendor, British Airways Pension Trust Limited ("British Airways"), in time for the 2013/14 academic year. Neither Empiric nor any of its management team has held any interest in, or been involved with the operation of, Pennine House for over twelve months.
The property comprises 127 beds in a mix of studios and two-bed en-suite apartments across eight floors together with high quality communal facilities including a gym, cinema room, study rooms and a common room. The property also includes a ground floor and basement commercial unit currently let to Living Ventures, trading as "Gusto", one of fifteen Italian bar/restaurants in the UK, on a lease extending to 2041, with five yearly rent reviews, commencing in March 2021.
The property is located on Russell Street, between Leeds train station and the two main universities, the University of Leeds and Leeds Beckett University, both of which are within 10 minutes' walk. It is also a short walk to one of Empiric's other Leeds assets, Algernon Firth. This asset will continue to be managed by Collegiate, alongside the Group's other Leeds assets, Algernon Firth and St Mark's Court, both of which are already nearly fully let for the 2016/17 academic year.
Historically, the property has let well, although in the 2015/16 academic year lettings were impacted by the construction of a major new hotel next door. Construction of the hotel is scheduled to be completed in October 2016, with external works being completed this month. Collegiate and the Group's operations team are confident that lettings for the 2016/17 academic year will return to previous levels and, in any event, the Group will benefit from a structured rental guarantee from the vendor for the coming academic year.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Pennine House is our third acquisition in Leeds, a Russell Group university city and home to the University of Leeds (ranked 14th in The Times Good University Guide) and Leeds Beckett University, with a full-time student population of over 50,000 (for 2014/15, being the latest information available from HESA). Tim Attlee and I know the property extremely well, having developed it on behalf of British Airways, prior to forming Empiric. The location and quality of the building make it an excellent fit with the rest of Empiric's portfolio. Following this acquisition, the Group owns, in aggregate, 323 beds in Leeds, all of which are operational. This acquisition is in line with Empiric's investment criteria and returns profile."
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the freehold of a 127 bed student accommodation property in Leeds for £17.8 million (excluding costs).
Pennine House was developed by the current management of Empiric (prior to the formation of the Company) on behalf of the vendor, British Airways Pension Trust Limited ("British Airways"), in time for the 2013/14 academic year. Neither Empiric nor any of its management team has held any interest in, or been involved with the operation of, Pennine House for over twelve months.
The property comprises 127 beds in a mix of studios and two-bed en-suite apartments across eight floors together with high quality communal facilities including a gym, cinema room, study rooms and a common room. The property also includes a ground floor and basement commercial unit currently let to Living Ventures, trading as "Gusto", one of fifteen Italian bar/restaurants in the UK, on a lease extending to 2041, with five yearly rent reviews, commencing in March 2021.
The property is located on Russell Street, between Leeds train station and the two main universities, the University of Leeds and Leeds Beckett University, both of which are within 10 minutes' walk. It is also a short walk to one of Empiric's other Leeds assets, Algernon Firth. This asset will continue to be managed by Collegiate, alongside the Group's other Leeds assets, Algernon Firth and St Mark's Court, both of which are already nearly fully let for the 2016/17 academic year.
Historically, the property has let well, although in the 2015/16 academic year lettings were impacted by the construction of a major new hotel next door. Construction of the hotel is scheduled to be completed in October 2016, with external works being completed this month. Collegiate and the Group's operations team are confident that lettings for the 2016/17 academic year will return to previous levels and, in any event, the Group will benefit from a structured rental guarantee from the vendor for the coming academic year.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Pennine House is our third acquisition in Leeds, a Russell Group university city and home to the University of Leeds (ranked 14th in The Times Good University Guide) and Leeds Beckett University, with a full-time student population of over 50,000 (for 2014/15, being the latest information available from HESA). Tim Attlee and I know the property extremely well, having developed it on behalf of British Airways, prior to forming Empiric. The location and quality of the building make it an excellent fit with the rest of Empiric's portfolio. Following this acquisition, the Group owns, in aggregate, 323 beds in Leeds, all of which are operational. This acquisition is in line with Empiric's investment criteria and returns profile."
HARRYCAT
- 09 Jun 2016 11:06
- 27 of 91
A buying opportunity coming up I think.
HARRYCAT
- 27 Jun 2016 08:00
- 28 of 91
StockMarketWire.com
Empiric Student Property believes the impact of the EU referendum on the operations of the group will be limited.
It says EU students represent only 6% of all full-time students in the UK, due primarily to the historical cap on the number of EU (including UK) students, as well the higher overall cost of studying in the UK (albeit subsidised) compared to continental Europe.
Therefore, the UK's higher education system is not dependent on this portion of the market.
It adds: "While students from the EU may be subject more stringent visa requirements and higher fees, there is strong demand from other international students and the potential long term devaluation of Sterling would make the UK more affordable for international students. There is also a significant increase in expectations of an interest rate fall which would be to our benefit. Therefore, we believe that the higher education sector and, by implication, the student accommodation sector will prove resilient, a view echoed by property market experts such as CBRE (the group's property valuers) and Knight Frank."
The company's property portfolio currently comprises 7,265 beds contracted, either operating or under development, across 75 assets in 29 top university cities and towns in the UK.
By the start of the 2016/17 academic year in September, it anticipates that a total of 65 of these assets (5,853 beds) will be operational following the practical completion of a number of assets under development.
Empiric Student Property believes the impact of the EU referendum on the operations of the group will be limited.
It says EU students represent only 6% of all full-time students in the UK, due primarily to the historical cap on the number of EU (including UK) students, as well the higher overall cost of studying in the UK (albeit subsidised) compared to continental Europe.
Therefore, the UK's higher education system is not dependent on this portion of the market.
It adds: "While students from the EU may be subject more stringent visa requirements and higher fees, there is strong demand from other international students and the potential long term devaluation of Sterling would make the UK more affordable for international students. There is also a significant increase in expectations of an interest rate fall which would be to our benefit. Therefore, we believe that the higher education sector and, by implication, the student accommodation sector will prove resilient, a view echoed by property market experts such as CBRE (the group's property valuers) and Knight Frank."
The company's property portfolio currently comprises 7,265 beds contracted, either operating or under development, across 75 assets in 29 top university cities and towns in the UK.
By the start of the 2016/17 academic year in September, it anticipates that a total of 65 of these assets (5,853 beds) will be operational following the practical completion of a number of assets under development.
HARRYCAT
- 18 Jul 2016 08:24
- 29 of 91
StockMarketWire.com
Empiric Student Property (ESP) acquired the freehold of a 31 bed student accommodation property in Bath for £2.6 million, excluding costs.
2 Oolite Road is a newly constructed student accommodation asset that was completed in May 2016 for the 2016/17 academic year.
The property comprises 31 beds in a mix of four, five and six bed en-suite apartments and is located in a popular residential area on the university side of Bath city centre, with local bus routes that provide easy access to the city and the University of Bath.
The property was acquired from IESIS, an established local developer and operator of purpose-built student accommodation in Bath and Bristol, which is currently developing the 1-3 James Street West in Bath on behalf of Empiric.
Hello Student will be responsible for managing the Oolite Road scheme.
The group also entered a nomination agreement with the University of Bath in respect of the property.
The duration of the nomination agreement is for five years from commencement in September 2016 over which time the beds will be directly let at current market rates to students provided by the University of Bath, on the same terms as the nomination agreement in place for the group's four other assets in Bath.
Empiric Student Property chief executive Paul Hadaway said: "We are very pleased to have acquired our fifth student accommodation property in Bath.
"At the start of the 2016/17 academic year, we will have a total of 385 beds in operation in Bath, all of which are subject to nomination agreements with the University of Bath.
"As a UNESCO World Heritage city, there are limited opportunities for suitable development sites in Bath, which has two key universities with increasing student numbers and applications.
"Further, the provision of this purpose-built accommodation ensures that the existing limited housing stock in the city is not under additional pressure for student accommodation.
"This acquisition is in line with Empiric's investment criteria and returns profile."
Empiric Student Property (ESP) acquired the freehold of a 31 bed student accommodation property in Bath for £2.6 million, excluding costs.
2 Oolite Road is a newly constructed student accommodation asset that was completed in May 2016 for the 2016/17 academic year.
The property comprises 31 beds in a mix of four, five and six bed en-suite apartments and is located in a popular residential area on the university side of Bath city centre, with local bus routes that provide easy access to the city and the University of Bath.
The property was acquired from IESIS, an established local developer and operator of purpose-built student accommodation in Bath and Bristol, which is currently developing the 1-3 James Street West in Bath on behalf of Empiric.
Hello Student will be responsible for managing the Oolite Road scheme.
The group also entered a nomination agreement with the University of Bath in respect of the property.
The duration of the nomination agreement is for five years from commencement in September 2016 over which time the beds will be directly let at current market rates to students provided by the University of Bath, on the same terms as the nomination agreement in place for the group's four other assets in Bath.
Empiric Student Property chief executive Paul Hadaway said: "We are very pleased to have acquired our fifth student accommodation property in Bath.
"At the start of the 2016/17 academic year, we will have a total of 385 beds in operation in Bath, all of which are subject to nomination agreements with the University of Bath.
"As a UNESCO World Heritage city, there are limited opportunities for suitable development sites in Bath, which has two key universities with increasing student numbers and applications.
"Further, the provision of this purpose-built accommodation ensures that the existing limited housing stock in the city is not under additional pressure for student accommodation.
"This acquisition is in line with Empiric's investment criteria and returns profile."
skinny
- 26 Jul 2016 07:45
- 30 of 91
Dividend Declaration
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a final interim dividend for the financial year ended 30 June 2016 of 1.5 pence per Ordinary Share in respect of the quarter ended 30 June 2016, payable on or around 17 August 2016 to Ordinary Shareholders on the register on 5 August 2016. The ex-dividend date will be 4 August 2016.
This dividend will be paid as an ordinary UK dividend ("non-PID") and takes the total paid in respect of the year to 30 June 2016 to 6 pence per Ordinary Share, in line with the Company's stated target.
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a final interim dividend for the financial year ended 30 June 2016 of 1.5 pence per Ordinary Share in respect of the quarter ended 30 June 2016, payable on or around 17 August 2016 to Ordinary Shareholders on the register on 5 August 2016. The ex-dividend date will be 4 August 2016.
This dividend will be paid as an ordinary UK dividend ("non-PID") and takes the total paid in respect of the year to 30 June 2016 to 6 pence per Ordinary Share, in line with the Company's stated target.
HARRYCAT
- 16 Aug 2016 08:43
- 31 of 91
StockMarketWire.com
Empiric Student Property has acquired the freeholds of three operating properties, two in London and one in Exeter, with a total of 213 beds, for an aggregate cash consideration of £21.5 million (excluding acquisition costs) from CBRE Global Investors.
These are:
- Isca Lofts, Exeter - £4.73 million
Isca Lofts, Longbrook Street, Exeter, is a direct-let student accommodation property with 71 beds across five studios and 66 en-suite bedrooms, plus management offices, onsite laundry and storage facilities. There is a retail unit on the ground floor which was sold in 2009 on a long leasehold (125 years) and which pays a peppercorn ground rent and service charge. The property, which was converted in 2008 from a 1920s former warehouse, is well located in Exeter city centre, close to Empiric's other assets (facilitating operating economies of scale) and within a 12 minute walk to the University of Exeter campus. The property, which is currently managed by Universal Student Living ("USL"), was fully let for 2015/16 and is fully pre-let for the 2016/17 academic year. The property will be operated by Collegiate AC, which operates the Group's other Exeter properties, from January 2017. - Grosvenor Hall, Twickenham, London - £6.18 million
Grosvenor Hall
Grosvenor Road, Twickenham, is a direct-let student accommodation property with 72 beds across one studio and 71 bedrooms arranged in multi-bed apartments plus management offices, laundry facilities, storage and parking which is let to students. The property was converted from offices in 2011 and is located within a five minute walk of Twickenham mainline train station which is a 20 minute direct journey into central London. The property is also a 20 minute walk or 10 minute bus ride to St Mary's University in Twickenham. St Mary's University has a well established reputation for excellence in Education, Sport and Theology, with over 5,000 students, of which over a quarter are postgraduates.
The property is currently managed by USL and will be migrated onto the Hello Student� operating platform from the beginning of 2017. The property was fully let for 2015/16 and is fully pre-let for the 2016/17 academic year, benefiting from an agreement with St Mary's University to underwrite the income on nearly half of the beds to meet its clearing requirements and a nominations agreement with LAL Language School for nine of the remaining beds.
- Francis Gardner Hall, West Hampstead, London - £10.59 million
Francis Gardner Hall, West End Lane, West Hampstead, has 70 beds, of which 65 are en-suite, arranged in multi-bed apartments and communal facilities including a gym, a cinema room and a games room. The building was originally constructed in around 1890 and was converted and refurbished in 2004/05. The property is located within a five minute walk to West Hampstead station (serviced by the Jubilee underground line, the Overground line and Thameslink) and under 10 minutes' walk to Kilburn Park station (on the Bakerloo underground line), providing easy access into central London.
The property is currently let to young professionals on a six-month assured shorthold tenancy basis and is currently 97% let. It will remain under the management of the incumbent, Springboard Urban, but will be migrated onto the Hello Student� operating platform at the beginning of 2017, at which point the property will start to be operated as student accommodation.
Chief executive Paul Hadaway said: "The acquisition of this portfolio increases our presence in Exeter to 414 beds across five properties and adds a further 142 beds in London, where the Group owns one other property, Halsmere Studios in Camberwell with 79 beds. Empiric has a limited presence in London in relation to the size of the full-time student population in the city, as we believe that, typically, assets in the regions represent better investment value. However, as these acquisitions demonstrate, we will continue to acquire properties in London that meet our investment criteria and which should provide good returns going forward. This acquisition is in line with Empiric's investment criteria and returns profile."
Empiric Student Property has acquired the freeholds of three operating properties, two in London and one in Exeter, with a total of 213 beds, for an aggregate cash consideration of £21.5 million (excluding acquisition costs) from CBRE Global Investors.
These are:
- Isca Lofts, Exeter - £4.73 million
Isca Lofts, Longbrook Street, Exeter, is a direct-let student accommodation property with 71 beds across five studios and 66 en-suite bedrooms, plus management offices, onsite laundry and storage facilities. There is a retail unit on the ground floor which was sold in 2009 on a long leasehold (125 years) and which pays a peppercorn ground rent and service charge. The property, which was converted in 2008 from a 1920s former warehouse, is well located in Exeter city centre, close to Empiric's other assets (facilitating operating economies of scale) and within a 12 minute walk to the University of Exeter campus. The property, which is currently managed by Universal Student Living ("USL"), was fully let for 2015/16 and is fully pre-let for the 2016/17 academic year. The property will be operated by Collegiate AC, which operates the Group's other Exeter properties, from January 2017. - Grosvenor Hall, Twickenham, London - £6.18 million
Grosvenor Hall
Grosvenor Road, Twickenham, is a direct-let student accommodation property with 72 beds across one studio and 71 bedrooms arranged in multi-bed apartments plus management offices, laundry facilities, storage and parking which is let to students. The property was converted from offices in 2011 and is located within a five minute walk of Twickenham mainline train station which is a 20 minute direct journey into central London. The property is also a 20 minute walk or 10 minute bus ride to St Mary's University in Twickenham. St Mary's University has a well established reputation for excellence in Education, Sport and Theology, with over 5,000 students, of which over a quarter are postgraduates.
The property is currently managed by USL and will be migrated onto the Hello Student� operating platform from the beginning of 2017. The property was fully let for 2015/16 and is fully pre-let for the 2016/17 academic year, benefiting from an agreement with St Mary's University to underwrite the income on nearly half of the beds to meet its clearing requirements and a nominations agreement with LAL Language School for nine of the remaining beds.
- Francis Gardner Hall, West Hampstead, London - £10.59 million
Francis Gardner Hall, West End Lane, West Hampstead, has 70 beds, of which 65 are en-suite, arranged in multi-bed apartments and communal facilities including a gym, a cinema room and a games room. The building was originally constructed in around 1890 and was converted and refurbished in 2004/05. The property is located within a five minute walk to West Hampstead station (serviced by the Jubilee underground line, the Overground line and Thameslink) and under 10 minutes' walk to Kilburn Park station (on the Bakerloo underground line), providing easy access into central London.
The property is currently let to young professionals on a six-month assured shorthold tenancy basis and is currently 97% let. It will remain under the management of the incumbent, Springboard Urban, but will be migrated onto the Hello Student� operating platform at the beginning of 2017, at which point the property will start to be operated as student accommodation.
Chief executive Paul Hadaway said: "The acquisition of this portfolio increases our presence in Exeter to 414 beds across five properties and adds a further 142 beds in London, where the Group owns one other property, Halsmere Studios in Camberwell with 79 beds. Empiric has a limited presence in London in relation to the size of the full-time student population in the city, as we believe that, typically, assets in the regions represent better investment value. However, as these acquisitions demonstrate, we will continue to acquire properties in London that meet our investment criteria and which should provide good returns going forward. This acquisition is in line with Empiric's investment criteria and returns profile."
HARRYCAT
- 16 Aug 2016 11:47
- 32 of 91
Numis today downgrades its investment rating on Empiric Student Property Plc (LON:ESP) to hold (from add) and cut its price target to 118p (from 124p).
skinny
- 18 Aug 2016 12:17
- 33 of 91
HARRYCAT
- 18 Aug 2016 12:27
- 34 of 91
Yes. I have never heard of essay mills, which are becoming a real problem for the Universities and schools. Lots of Internet aids, yet standards slip!
HARRYCAT
- 01 Sep 2016 08:29
- 35 of 91
StockMarketWire.com
Empiric Student Property has acquired the freehold of a 79 bed student accommodation property in Canterbury for £9.2 million, excluding costs.
Pavilion Court was developed by the vendor, Pavilion Property Group, for the 2013/14 academic year. The property comprises 79 beds in a mix of studios and one, two, three and four-bed apartments.
The property also includes a ground floor commercial unit currently let to Sainsbury's on a lease extending to 2027, with the next rent review due in February 2017.
The property is located on St Dunstan's Street in central Canterbury. The University of Kent is a 20 minute walk away and there is a regular university bus which stops outside the property. Canterbury Christ Church University is a 15 minute walk away, through the city centre.
The property has let well historically, being 100% let for both the 2014/15 and 2015/16 academic years, and is letting in line with Empiric's expectations for 2016/17. Hello Student will be responsible for lettings and management of the property, which, to date, has been marketed by a local estate agent on behalf of the vendor.
Empiric Student Property has acquired the freehold of a 79 bed student accommodation property in Canterbury for £9.2 million, excluding costs.
Pavilion Court was developed by the vendor, Pavilion Property Group, for the 2013/14 academic year. The property comprises 79 beds in a mix of studios and one, two, three and four-bed apartments.
The property also includes a ground floor commercial unit currently let to Sainsbury's on a lease extending to 2027, with the next rent review due in February 2017.
The property is located on St Dunstan's Street in central Canterbury. The University of Kent is a 20 minute walk away and there is a regular university bus which stops outside the property. Canterbury Christ Church University is a 15 minute walk away, through the city centre.
The property has let well historically, being 100% let for both the 2014/15 and 2015/16 academic years, and is letting in line with Empiric's expectations for 2016/17. Hello Student will be responsible for lettings and management of the property, which, to date, has been marketed by a local estate agent on behalf of the vendor.
HARRYCAT
- 07 Sep 2016 08:05
- 36 of 91
StockMarketWire.com
Empiric Student Property has agreed a new loan facility of £30.63 million with The Royal Bank of Scotland.
The facility is secured against a portfolio of five forward funded assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Five) Limited.
The facility is a development loan with each of the properties allocated a loan limit which will be drawn down in agreed stages over the development period of the property.
The facility will convert into an investment loan for each development, separately, providing that, inter alia, such development has reached practical completion. The amounts drawn down under the facility will be segregated and non-recourse to the company.
In accordance with the company's investment policy, the company will maintain a conservative level of aggregate borrowings, targeting a level of 35% but no more than 40% of the gross asset value of the company (calculated at the time of draw down).
Empiric Student Property has agreed a new loan facility of £30.63 million with The Royal Bank of Scotland.
The facility is secured against a portfolio of five forward funded assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Five) Limited.
The facility is a development loan with each of the properties allocated a loan limit which will be drawn down in agreed stages over the development period of the property.
The facility will convert into an investment loan for each development, separately, providing that, inter alia, such development has reached practical completion. The amounts drawn down under the facility will be segregated and non-recourse to the company.
In accordance with the company's investment policy, the company will maintain a conservative level of aggregate borrowings, targeting a level of 35% but no more than 40% of the gross asset value of the company (calculated at the time of draw down).
HARRYCAT
- 14 Sep 2016 08:22
- 37 of 91
StockMarketWire.com
Empiric Student Property posts an operating profit of £30.0 million for the year to the end of June (2015: £12.6 million). Revenues of £21.6m were up from £8.3m and gross annualised rent increased to £33.1m from £18.4m.
Basic net asset value per share rose to 105.4 pence - 2.1% up on a year ago and net of all property acquisition costs.
Total return of the group was 4.6% for the year, compared with -8.29% for the FTSE All Share REIT Index for the same period. The group's total return was negatively affected by the volatility in the market following the EU referendum which caused the share price to drop but it has since recovered.
Chairman Baroness Dean of Thornton-le-Fylde said: "At the time of this report, the country is still digesting the outcome of the EU referendum held in June 2016.
"While we cannot currently predict how the result of the referendum will impact on the country and the economy, we know that the UK Government remains committed to promoting UK higher education internationally, both in the EU (which represents only 6% of all full-time students in the UK) and further afield, in order to maintain the world-class reputation of our universities.
"With the supply/demand fundamentals of the sector persisting, Empiric continues to be well positioned with our diversified property portfolio delivering further rental growth and investors are also expected to benefit from the potential value to be added from our developments completing, our attractive investment pipeline and through our Hello Student operating platform and brand.
"Empiric has grown substantially and the experience, knowledge and commitment of the whole team, with the support of the Board, provides a solid base for the future of the Company as we work towards our proposed 2025 Plan."
Empiric Student Property posts an operating profit of £30.0 million for the year to the end of June (2015: £12.6 million). Revenues of £21.6m were up from £8.3m and gross annualised rent increased to £33.1m from £18.4m.
Basic net asset value per share rose to 105.4 pence - 2.1% up on a year ago and net of all property acquisition costs.
Total return of the group was 4.6% for the year, compared with -8.29% for the FTSE All Share REIT Index for the same period. The group's total return was negatively affected by the volatility in the market following the EU referendum which caused the share price to drop but it has since recovered.
Chairman Baroness Dean of Thornton-le-Fylde said: "At the time of this report, the country is still digesting the outcome of the EU referendum held in June 2016.
"While we cannot currently predict how the result of the referendum will impact on the country and the economy, we know that the UK Government remains committed to promoting UK higher education internationally, both in the EU (which represents only 6% of all full-time students in the UK) and further afield, in order to maintain the world-class reputation of our universities.
"With the supply/demand fundamentals of the sector persisting, Empiric continues to be well positioned with our diversified property portfolio delivering further rental growth and investors are also expected to benefit from the potential value to be added from our developments completing, our attractive investment pipeline and through our Hello Student operating platform and brand.
"Empiric has grown substantially and the experience, knowledge and commitment of the whole team, with the support of the Board, provides a solid base for the future of the Company as we work towards our proposed 2025 Plan."
skinny
- 07 Oct 2016 12:07
- 38 of 91
Empiric acquires a portfolio of five student accommodation assets in Exeter, Leicester and Portsmouth
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the freeholds of five operating properties, one in Exeter, two in Leicester and two in Portsmouth, with a total of 464 beds, for an aggregate cash consideration of £26.69 million (excluding acquisition costs) from assets managed by LaSalle Investment Management.
All the properties were fully let for the 2015/16 academic year and are 100% pre-let for the 2016/17 academic year. The operations are currently managed by Campbell Property which will continue to manage the properties on behalf of the Group before operations are integrated onto the Hello Student® operating platform.
Bishop Blackall School (£8.02 million) - Exeter
Bishop Blackall School, Exeter, was converted in 2011 from an Edwardian school and headmaster's house into a direct-let student accommodation property with 113 beds across a mix of two to eight bedroom apartments, each of which has its own kitchen and living area. The property is a 10 minute walk to the University of Exeter campus and seven minutes from the city centre. It is within easy reach of Empiric's six other properties in the city, facilitating operational economies of scale.
The Hosiery Factory (£5.61 million) and The Shoe and Boot Factory (£8.86 million) - Leicester
The Hosiery Factory, Leicester, which was converted in 2015, is a direct-let student accommodation property with 107 beds across a mix of three to nine bedroom apartments, each of which has its own kitchen and living area.
The Shoe and Boot Factory, Leicester is a direct-let student accommodation property with 173 beds across a mix of four to eight bedroom apartments, each of which has its own kitchen and living area. The building was converted from the original factory in 2013 and retains many of the original features. Two new build structures have created a courtyard amenity space.
The properties, which are located opposite each other, are well situated in the city centre, a three minute walk to De Montford University and a 15 minute walk to the University of Leicester, and within easy reach of Empiric's other five properties in the city, facilitating operational economies of scale.
Elm Grove Library (£1.11 million) and Kingsway House (£3.09 million) - Portsmouth
Elm Grove Library, Portsmouth, which was converted from a former library building in 2012, is a direct-let student accommodation property with 19 beds across a mix of three to five bedroom apartments, each of which has its own kitchen and living area.
Kingsway House, Portsmouth, is a direct-let student accommodation property with 52 beds across a mix of three, four, seven and eight bedroom apartments, each of which has its own kitchen and living area. The building was converted from a former NHS office building in 2014 and has been redesigned to create a central living area, with the original concrete cladding having been replaced with a more modern façade.
The properties, which are located opposite each other, are situated in the student hub in Southsea, a 15 minute walk to the University of Portsmouth and a 20 minute walk to the Gunwharf Quays shopping centre.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"The acquisition of this portfolio increases our presence in Exeter to approximately 595 beds across seven properties, in Leicester to 560 beds across seven properties and in Portsmouth to 354 across four properties. The purchase of small, complementary portfolios of properties enables us to deploy the Group's capital in a more cost efficient manner, the benefit of which accrues to our shareholders. This acquisition is in line with Empiric's investment criteria and returns profile."
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the freeholds of five operating properties, one in Exeter, two in Leicester and two in Portsmouth, with a total of 464 beds, for an aggregate cash consideration of £26.69 million (excluding acquisition costs) from assets managed by LaSalle Investment Management.
All the properties were fully let for the 2015/16 academic year and are 100% pre-let for the 2016/17 academic year. The operations are currently managed by Campbell Property which will continue to manage the properties on behalf of the Group before operations are integrated onto the Hello Student® operating platform.
Bishop Blackall School (£8.02 million) - Exeter
Bishop Blackall School, Exeter, was converted in 2011 from an Edwardian school and headmaster's house into a direct-let student accommodation property with 113 beds across a mix of two to eight bedroom apartments, each of which has its own kitchen and living area. The property is a 10 minute walk to the University of Exeter campus and seven minutes from the city centre. It is within easy reach of Empiric's six other properties in the city, facilitating operational economies of scale.
The Hosiery Factory (£5.61 million) and The Shoe and Boot Factory (£8.86 million) - Leicester
The Hosiery Factory, Leicester, which was converted in 2015, is a direct-let student accommodation property with 107 beds across a mix of three to nine bedroom apartments, each of which has its own kitchen and living area.
The Shoe and Boot Factory, Leicester is a direct-let student accommodation property with 173 beds across a mix of four to eight bedroom apartments, each of which has its own kitchen and living area. The building was converted from the original factory in 2013 and retains many of the original features. Two new build structures have created a courtyard amenity space.
The properties, which are located opposite each other, are well situated in the city centre, a three minute walk to De Montford University and a 15 minute walk to the University of Leicester, and within easy reach of Empiric's other five properties in the city, facilitating operational economies of scale.
Elm Grove Library (£1.11 million) and Kingsway House (£3.09 million) - Portsmouth
Elm Grove Library, Portsmouth, which was converted from a former library building in 2012, is a direct-let student accommodation property with 19 beds across a mix of three to five bedroom apartments, each of which has its own kitchen and living area.
Kingsway House, Portsmouth, is a direct-let student accommodation property with 52 beds across a mix of three, four, seven and eight bedroom apartments, each of which has its own kitchen and living area. The building was converted from a former NHS office building in 2014 and has been redesigned to create a central living area, with the original concrete cladding having been replaced with a more modern façade.
The properties, which are located opposite each other, are situated in the student hub in Southsea, a 15 minute walk to the University of Portsmouth and a 20 minute walk to the Gunwharf Quays shopping centre.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"The acquisition of this portfolio increases our presence in Exeter to approximately 595 beds across seven properties, in Leicester to 560 beds across seven properties and in Portsmouth to 354 across four properties. The purchase of small, complementary portfolios of properties enables us to deploy the Group's capital in a more cost efficient manner, the benefit of which accrues to our shareholders. This acquisition is in line with Empiric's investment criteria and returns profile."
skinny
- 28 Oct 2016 11:02
- 39 of 91
Jefferies International Buy 110.50 125.00 125.00 Reiterates
HARRYCAT
- 28 Oct 2016 13:04
- 40 of 91
Interesting one now as it seems that, with Brexit, the numbers of foreign students registering for courses in England (particularly science, medicine and associated subjects) is already down by 9%. It may be that there might be a bit of over supply in the UK in the following 12 months, though I think ESP also has properties in the US which should mitigate the problem.
Yield at around 5% is attractive, but sp taking a bit of a hit at mo.
Yield at around 5% is attractive, but sp taking a bit of a hit at mo.
skinny
- 28 Oct 2016 13:11
- 41 of 91
Harry - posted elsewhere :-
"According to ESP's results RNS only 6% of full time students are from the EU, so a fall of 9% on that equates to a fall of 0.54% only on the overall figure. Also many (I think probably most) of ESP's properties are already fully let for this new academic year - see for example the most recent RNS for newly acquired properties (7th Oct) which states that all 5 are 100% let."
"According to ESP's results RNS only 6% of full time students are from the EU, so a fall of 9% on that equates to a fall of 0.54% only on the overall figure. Also many (I think probably most) of ESP's properties are already fully let for this new academic year - see for example the most recent RNS for newly acquired properties (7th Oct) which states that all 5 are 100% let."
skinny
- 28 Nov 2016 07:36
- 42 of 91
Empiric commits to three forward funded developments in Leicester
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has entered into three forward funding arrangements with a Leicester-based property company to develop a total of 170 beds in Leicester for an aggregate investment of £15.975 million.
134 New Walk and 140-142 New Walk are located immediately to the west and east, respectively, of the Group's recently acquired standing asset at 136-138 New Walk. These Victorian terrace properties are being converted and extended to the rear to the same specification as the standing asset, to form a contiguous run of high specification student accommodation from 134 to 142 New Walk. 134 New Walk will comprise a total of 16 studios, while 140-142 New Walk will comprise 42 studios and three 2-bed apartments. In total, Empiric will own 94 beds at 134 to 142 New Walk.
Princess Road East is a new build, high specification student accommodation scheme comprising 106 studios with generous communal facilities including a gym, cinema, common room and work rooms.
All three properties are adjacent to Victoria Park and close to the University of Leicester and De Montfort University. New Walk is a pedestrianised road linking Victoria Park and the nearby city centre.
The acquisition of the 140-142 New Walk and Princess Road East properties are conditional on the developer satisfying various conditions precedent in the Development Agreement. All three properties will be marketed and managed through the Hello Student® operating platform. 134 New Walk is expected to be delivered by May 2017, in time for the 2017/18 academic year and the other two properties by May 2018, in time for the 2018/19 academic year.
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."
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has entered into three forward funding arrangements with a Leicester-based property company to develop a total of 170 beds in Leicester for an aggregate investment of £15.975 million.
134 New Walk and 140-142 New Walk are located immediately to the west and east, respectively, of the Group's recently acquired standing asset at 136-138 New Walk. These Victorian terrace properties are being converted and extended to the rear to the same specification as the standing asset, to form a contiguous run of high specification student accommodation from 134 to 142 New Walk. 134 New Walk will comprise a total of 16 studios, while 140-142 New Walk will comprise 42 studios and three 2-bed apartments. In total, Empiric will own 94 beds at 134 to 142 New Walk.
Princess Road East is a new build, high specification student accommodation scheme comprising 106 studios with generous communal facilities including a gym, cinema, common room and work rooms.
All three properties are adjacent to Victoria Park and close to the University of Leicester and De Montfort University. New Walk is a pedestrianised road linking Victoria Park and the nearby city centre.
The acquisition of the 140-142 New Walk and Princess Road East properties are conditional on the developer satisfying various conditions precedent in the Development Agreement. All three properties will be marketed and managed through the Hello Student® operating platform. 134 New Walk is expected to be delivered by May 2017, in time for the 2017/18 academic year and the other two properties by May 2018, in time for the 2018/19 academic year.
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."
HARRYCAT
- 14 Dec 2016 08:43
- 43 of 91
StockMarketWire.com
Empiric Student Property has agreed a new £40 million extension facility to its existing £80 million fixed rate term loan facility arranged by Barings Real Estate Advisers, a member of the MassMutual Financial Group.
The amended and restated facility is now secured against a portfolio of 25 operating assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Four) Limited. The new £40 million facility is expected to be drawn down in full on 16 December. The amended and restated facility is repayable in April 2028. The new £40 million extension facility has a fixed all in rate of 3.64%, interest only, throughout the term.
This rate is fixed up to a loan to value ratio of 55%. This provides a fixed all in blended rate of 3.37% for the amended and restated facility.
Empiric Student Property has agreed a new £40 million extension facility to its existing £80 million fixed rate term loan facility arranged by Barings Real Estate Advisers, a member of the MassMutual Financial Group.
The amended and restated facility is now secured against a portfolio of 25 operating assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Four) Limited. The new £40 million facility is expected to be drawn down in full on 16 December. The amended and restated facility is repayable in April 2028. The new £40 million extension facility has a fixed all in rate of 3.64%, interest only, throughout the term.
This rate is fixed up to a loan to value ratio of 55%. This provides a fixed all in blended rate of 3.37% for the amended and restated facility.
skinny
- 21 Dec 2016 15:59
- 44 of 91
HARRYCAT
- 21 Dec 2016 16:25
- 45 of 91
I shall have to do some research into the Value Delivery Plan. Good for the people who voted. Nice to see them being proactive, rather than the usual 'can't be bothered to vote but am happy to moan' brigade!
skinny
- 21 Dec 2016 16:33
- 46 of 91
HARRYCAT
- 21 Dec 2016 16:43
- 47 of 91
http://www.iii.co.uk/investment/detail?code=cotn:LSE:ESP&display=discussion
The post at 15.21 by HardBoy is worth a quick read, though he doesn't address the Directors remuneration package question.
The post at 15.21 by HardBoy is worth a quick read, though he doesn't address the Directors remuneration package question.
skinny
- 21 Dec 2016 17:32
- 48 of 91
Thanks Harry - I hold more WJG value wise - I think some holiday research generally is in order!
skinny
- 13 Jan 2017 14:05
- 49 of 91
Numis Add 107.50 120.00 123.00 Upgrades
skinny
- 17 Jan 2017 10:58
- 50 of 91
Empiric acquires student accommodation scheme in York: Foss Studios
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the freehold of a 220 bed student accommodation scheme in York for £23.3 million (excluding costs).
Foss Studios was completed for the 2015/16 academic year and comprises 220 large, well specified, studio rooms across three purpose built buildings. The scheme is located directly opposite the Group's forward funded development on Lawrence Street, between York city centre and the University of York, and approximately 1.5 miles from York St John University.
The scheme has been acquired from Curlew Student Trust, the student property investment vehicle of CBRE Global Investment Partners. It is currently managed by Fresh Student Living but will be integrated onto the Group's Hello Student® operating platform at the end of March 2017. Foss Studios is fully let for the 2016/17 academic year to students from both the University of York and York St John University, and is already letting well for the 2017/18 academic year.
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the freehold of a 220 bed student accommodation scheme in York for £23.3 million (excluding costs).
Foss Studios was completed for the 2015/16 academic year and comprises 220 large, well specified, studio rooms across three purpose built buildings. The scheme is located directly opposite the Group's forward funded development on Lawrence Street, between York city centre and the University of York, and approximately 1.5 miles from York St John University.
The scheme has been acquired from Curlew Student Trust, the student property investment vehicle of CBRE Global Investment Partners. It is currently managed by Fresh Student Living but will be integrated onto the Group's Hello Student® operating platform at the end of March 2017. Foss Studios is fully let for the 2016/17 academic year to students from both the University of York and York St John University, and is already letting well for the 2017/18 academic year.
skinny
- 17 Jan 2017 10:59
- 51 of 91
.
skinny
- 20 Jan 2017 08:51
- 52 of 91
Empiric to acquire student accommodation property in York: Percy's Lane
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the land and entered into a forward funded development agreement for a 106 bed, premium student accommodation development in York for a total funding commitment of £9.245 million.
The Percy's Lane development comprises the redevelopment of a site involving the demolition of the existing buildings and the construction of new purpose-built student accommodation with a mix of studios and one, three and five bedroom apartments, as well as six bedroom townhouses and communal facilities.
The scheme is being developed by S. Harrison Developments, one of the leading property and development businesses in the north of England, and also the developer of Empiric's Lawrence Street forward funded development in York. Construction on the Percy's Lane property is due to commence in May 2017 with practical completion scheduled in time for the 2018/19 academic year.
The property is located close to the Lawrence Road development and the newly acquired Foss Studios scheme, between York city centre and the University of York, and is approximately 1.5 miles from York St John University. The scheme is immediately adjacent to an existing student accommodation property which is currently leased to York St John University.
Empiric will be responsible for marketing and letting the scheme through the Hello Student® operating platform, with a show flat being made available from January 2018.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"This investment follows the acquisition of Foss Studios, York, announced earlier this week. As a result of these transactions, the Group will own a total of 441 beds in York, some 2% of the local full-time student population. The design of the self-contained apartments is in line with our "townhouse" concept, providing students with a group living environment with all the benefits of purpose-built student accommodation. This acquisition is in line with Empiric's investment criteria and returns profile."
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has acquired the land and entered into a forward funded development agreement for a 106 bed, premium student accommodation development in York for a total funding commitment of £9.245 million.
The Percy's Lane development comprises the redevelopment of a site involving the demolition of the existing buildings and the construction of new purpose-built student accommodation with a mix of studios and one, three and five bedroom apartments, as well as six bedroom townhouses and communal facilities.
The scheme is being developed by S. Harrison Developments, one of the leading property and development businesses in the north of England, and also the developer of Empiric's Lawrence Street forward funded development in York. Construction on the Percy's Lane property is due to commence in May 2017 with practical completion scheduled in time for the 2018/19 academic year.
The property is located close to the Lawrence Road development and the newly acquired Foss Studios scheme, between York city centre and the University of York, and is approximately 1.5 miles from York St John University. The scheme is immediately adjacent to an existing student accommodation property which is currently leased to York St John University.
Empiric will be responsible for marketing and letting the scheme through the Hello Student® operating platform, with a show flat being made available from January 2018.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"This investment follows the acquisition of Foss Studios, York, announced earlier this week. As a result of these transactions, the Group will own a total of 441 beds in York, some 2% of the local full-time student population. The design of the self-contained apartments is in line with our "townhouse" concept, providing students with a group living environment with all the benefits of purpose-built student accommodation. This acquisition is in line with Empiric's investment criteria and returns profile."
skinny
- 06 Mar 2017 10:04
- 53 of 91
New Unsecured Term Loan Facility of £10 million
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of modern, premium student accommodation across the UK, is pleased to announce that the Company has agreed a new unsecured term loan facility (the "Facility") of £10 million with First Commercial Bank Limited (acting through its London branch).
The Facility is available to draw down in full over the next 12 months. It is repayable three years from the date of agreement with an all-in cost of 2.15% per annum.
The Facility can be used for general corporate purposes including the financing of the purchase of properties by any Group company to be operated as student accommodation or in refinancing the costs of acquisition of such properties.
Strategic advice on the structure and assistance in arranging the debt was provided by JCRA.
Commenting on the Facility, First Commercial Bank said:
"Empiric has established itself as a leading investor in the highly attractive UK student accommodation market. First Commercial Bank is pleased to provide support for their future growth plans."
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"This is the first unsecured loan we have secured at the PLC level which reflects the maturity of the business. The new facility provides the Company with additional flexibility in financing future acquisitions, within our target loan-to-value parameters. This is a new debt funding relationship and we look forward to working with First Commercial Bank in the future."
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of modern, premium student accommodation across the UK, is pleased to announce that the Company has agreed a new unsecured term loan facility (the "Facility") of £10 million with First Commercial Bank Limited (acting through its London branch).
The Facility is available to draw down in full over the next 12 months. It is repayable three years from the date of agreement with an all-in cost of 2.15% per annum.
The Facility can be used for general corporate purposes including the financing of the purchase of properties by any Group company to be operated as student accommodation or in refinancing the costs of acquisition of such properties.
Strategic advice on the structure and assistance in arranging the debt was provided by JCRA.
Commenting on the Facility, First Commercial Bank said:
"Empiric has established itself as a leading investor in the highly attractive UK student accommodation market. First Commercial Bank is pleased to provide support for their future growth plans."
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"This is the first unsecured loan we have secured at the PLC level which reflects the maturity of the business. The new facility provides the Company with additional flexibility in financing future acquisitions, within our target loan-to-value parameters. This is a new debt funding relationship and we look forward to working with First Commercial Bank in the future."
skinny
- 10 Apr 2017 07:03
- 54 of 91
RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
· Operating profit of £20.2 million
o £14.5 million revaluation gain
o £19.2 million rental income from standing assets
· £143.4 million of new debt raised through two new facilities
· As at 31 December 2016, the Loan to Value ratio ("LTV") 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%
Operational Highlights
· 14 new assets (1,142 beds) contracted in the six months to 31 December 2016
· 2,515 new beds generating revenue for 2016/17 academic year, including 1,728 beds from 13 newly completed developments
· Portfolio now consists of 89 assets (8,504 beds) in 30 prime UK cities and towns as at 31 December 2016, continued progress to the IPO target of 10,000 beds within five years
· Average valuation yield on the portfolio of operating assets at 31 December 2016 was 5.9% compared with average yield on acquisition or cost of 6.5%
· Average rental uplift of 2.5% targeted for the 2017/18 academic year
· Hello Student® managed 3,075 beds as at 31 December 2016 (30 June 2016: 1,868) and was ANUK accredited
Post balance sheet highlights
· Acquired one new standing asset (Foss Studios, 220 beds) and one forward funded asset (Percy's Lane, 106 beds)
· Acquired the remaining 50 per cent. share in joint venture asset (Glasgow, Willowbank) previously owned by an investment fund affiliated with Revcap Advisors Limited
· Agreed £10m, three year unsecured loan with First Commercial Bank which has been drawn down.
more.....
· Operating profit of £20.2 million
o £14.5 million revaluation gain
o £19.2 million rental income from standing assets
· £143.4 million of new debt raised through two new facilities
· As at 31 December 2016, the Loan to Value ratio ("LTV") 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%
Operational Highlights
· 14 new assets (1,142 beds) contracted in the six months to 31 December 2016
· 2,515 new beds generating revenue for 2016/17 academic year, including 1,728 beds from 13 newly completed developments
· Portfolio now consists of 89 assets (8,504 beds) in 30 prime UK cities and towns as at 31 December 2016, continued progress to the IPO target of 10,000 beds within five years
· Average valuation yield on the portfolio of operating assets at 31 December 2016 was 5.9% compared with average yield on acquisition or cost of 6.5%
· Average rental uplift of 2.5% targeted for the 2017/18 academic year
· Hello Student® managed 3,075 beds as at 31 December 2016 (30 June 2016: 1,868) and was ANUK accredited
Post balance sheet highlights
· Acquired one new standing asset (Foss Studios, 220 beds) and one forward funded asset (Percy's Lane, 106 beds)
· Acquired the remaining 50 per cent. share in joint venture asset (Glasgow, Willowbank) previously owned by an investment fund affiliated with Revcap Advisors Limited
· Agreed £10m, three year unsecured loan with First Commercial Bank which has been drawn down.
more.....
skinny
- 06 Jun 2017 07:05
- 55 of 91
Trading Statement
Highlights
· Unaudited basic eNAV per ordinary share as at 30 April 2017 is 107.75 pence compared to basic NAV per ordinary share of 105.9 pence as at 31 December 2016 (prior to adjusting for the dividends of 1.525 pence and 1.55 pence per share, respectively)
· The Board is targeting a dividend of 6.1 pence per ordinary share for the year to 31 December 2017. It is anticipated the dividend will be substantially covered by adjusted EPRA earnings per share for 2017 and going forward1
· The Company's property portfolio has been independently valued by CBRE Ltd as at 30 April 2017 at £786.7 million (including forward funded commitments) (31 December 2016: £721.3 million), as confirmed in their valuation report dated 5 June 2017 for the purposes of this announcement
· 81 assets (7,579 beds) expected to be operational for the 2017/18 academic year
· The Group is targeting an annual rental uplift for the 2017/18 academic year of approximately 2.8%, with a gross annualised rent roll (including commercial) of approximately £63.6 million (31 December 2016: £52.1 million)
· Excluding the benefit of developer rental guarantees, letting for the operating property portfolio is progressing ahead of this time last year
· Significant progress with the transfer of assets onto the Hello Student® operating platform
· Net operating margin has returned to historical levels of c. 70%
· The Company is in advanced discussions in respect of a substantial new revolving credit facility
· Strong near-term pipeline of attractive investment assets comprising a mix of operating and development properties representing, in aggregate, over 2,900 beds, including a significant London based portfolio of operating assets.
more.....
Highlights
· Unaudited basic eNAV per ordinary share as at 30 April 2017 is 107.75 pence compared to basic NAV per ordinary share of 105.9 pence as at 31 December 2016 (prior to adjusting for the dividends of 1.525 pence and 1.55 pence per share, respectively)
· The Board is targeting a dividend of 6.1 pence per ordinary share for the year to 31 December 2017. It is anticipated the dividend will be substantially covered by adjusted EPRA earnings per share for 2017 and going forward1
· The Company's property portfolio has been independently valued by CBRE Ltd as at 30 April 2017 at £786.7 million (including forward funded commitments) (31 December 2016: £721.3 million), as confirmed in their valuation report dated 5 June 2017 for the purposes of this announcement
· 81 assets (7,579 beds) expected to be operational for the 2017/18 academic year
· The Group is targeting an annual rental uplift for the 2017/18 academic year of approximately 2.8%, with a gross annualised rent roll (including commercial) of approximately £63.6 million (31 December 2016: £52.1 million)
· Excluding the benefit of developer rental guarantees, letting for the operating property portfolio is progressing ahead of this time last year
· Significant progress with the transfer of assets onto the Hello Student® operating platform
· Net operating margin has returned to historical levels of c. 70%
· The Company is in advanced discussions in respect of a substantial new revolving credit facility
· Strong near-term pipeline of attractive investment assets comprising a mix of operating and development properties representing, in aggregate, over 2,900 beds, including a significant London based portfolio of operating assets.
more.....
HARRYCAT
- 17 Jul 2017 10:55
- 56 of 91
.
HARRYCAT
- 17 Jul 2017 10:55
- 57 of 91
PROPOSED ISSUE OF EQUITY
On 27 June 2017, the Board of Directors ("Board") of Empiric Student Property Plc (ticker: ESP) published a circular to shareholders seeking shareholder authority for, inter alia, the issue for cash of up to 140 million new ordinary shares ("Shares") in anticipation of a further issue of Shares.
The Board today confirms its intention to proceed with an issue of Shares to raise up to £150 million (before expenses) through a Placing, Open Offer and Offer for Subscription of, in aggregate, up to 137,614,678 Shares at an Issue Price of 109 pence per Share (the "Issue").
The Company expects to use the proceeds of the Issue to acquire further investments in line with its "2025 Plan" investment strategy, to fund specified capital investments in its existing assets and for general corporate purposes.
On 27 June 2017, the Board of Directors ("Board") of Empiric Student Property Plc (ticker: ESP) published a circular to shareholders seeking shareholder authority for, inter alia, the issue for cash of up to 140 million new ordinary shares ("Shares") in anticipation of a further issue of Shares.
The Board today confirms its intention to proceed with an issue of Shares to raise up to £150 million (before expenses) through a Placing, Open Offer and Offer for Subscription of, in aggregate, up to 137,614,678 Shares at an Issue Price of 109 pence per Share (the "Issue").
The Company expects to use the proceeds of the Issue to acquire further investments in line with its "2025 Plan" investment strategy, to fund specified capital investments in its existing assets and for general corporate purposes.
skinny
- 20 Jul 2017 09:19
- 58 of 91
skinny
- 27 Jul 2017 07:27
- 59 of 91
Empiric to acquire student accommodation scheme in Canterbury
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has exchanged contracts to acquire the freehold of the Franciscan International Study Centre (the "Property") in Canterbury for £5.8 million (excluding costs). The acquisition is expected to complete on or around 9 August 2017.
The Property includes five standing townhouses for student accommodation with 50 beds (of which 27 are en-suite rooms) and a separate 16,200 sq. ft. building, all set in three acres of land with development potential. The Property is located at the edge of the main campus of the University of Kent which benefits from a 24-hour shuttle bus service between the university and the city centre. Hello Student® will manage the townhouse accommodation and will be marketing it for the 2017/18 academic year.
The Group is currently in pre-application discussions with Canterbury County Council regarding planning permission for a student accommodation scheme in excess of 325 beds to be developed on the Property. The scheme will consist of a mix of studios, two and three bed apartments and six bed townhouses, with a generous amount of student amenity space including a central reception area, large common and games rooms, work and reading rooms, a gym and offices. The Company is currently targeting the commencement of development works in Q3 2018.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Canterbury represents a prime opportunity for the Group with a low level of private accommodation serving the student market. The Property is ideally located to target students from the University of Kent, which is well regarded and has demonstrated strong growth over the past five years, including a 58 per cent. rise in postgraduate students and a 41 per cent. rise in international students. As well as generating revenue for the forthcoming academic year, the acquisition of the Property should enable the Group to develop a significant student accommodation scheme adjacent to this vibrant university and close to Pavilion Court, the Group's first Canterbury acquisition. This acquisition is in line with Empiric's investment criteria and returns profile."
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has exchanged contracts to acquire the freehold of the Franciscan International Study Centre (the "Property") in Canterbury for £5.8 million (excluding costs). The acquisition is expected to complete on or around 9 August 2017.
The Property includes five standing townhouses for student accommodation with 50 beds (of which 27 are en-suite rooms) and a separate 16,200 sq. ft. building, all set in three acres of land with development potential. The Property is located at the edge of the main campus of the University of Kent which benefits from a 24-hour shuttle bus service between the university and the city centre. Hello Student® will manage the townhouse accommodation and will be marketing it for the 2017/18 academic year.
The Group is currently in pre-application discussions with Canterbury County Council regarding planning permission for a student accommodation scheme in excess of 325 beds to be developed on the Property. The scheme will consist of a mix of studios, two and three bed apartments and six bed townhouses, with a generous amount of student amenity space including a central reception area, large common and games rooms, work and reading rooms, a gym and offices. The Company is currently targeting the commencement of development works in Q3 2018.
Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:
"Canterbury represents a prime opportunity for the Group with a low level of private accommodation serving the student market. The Property is ideally located to target students from the University of Kent, which is well regarded and has demonstrated strong growth over the past five years, including a 58 per cent. rise in postgraduate students and a 41 per cent. rise in international students. As well as generating revenue for the forthcoming academic year, the acquisition of the Property should enable the Group to develop a significant student accommodation scheme adjacent to this vibrant university and close to Pavilion Court, the Group's first Canterbury acquisition. This acquisition is in line with Empiric's investment criteria and returns profile."
HARRYCAT
- 03 Aug 2017 07:58
- 60 of 91
StockMarketWire.com
Empiric Student Property has exchanged contracts to acquire the freehold of the Hahnemann Building in Liverpool for £10.8 million, excluding costs.
The acquisition is expected to complete in October.
The Hahnemann Building is a Grade II listed building within an established student area in Liverpool.
The property was originally Liverpool Hahnemann Hospital and has been converted into a high specification student accommodation scheme comprising 98 studios with communal space.
The property is on Hope Street which connects Liverpool's two iconic landmark cathedrals, situated in a World Heritage Site Buffer Zone, close to the city centre and within easy reach of the main railway station, Liverpool Lime Street.
The Hahnemann Building is adjacent to John Moores University and is ten minutes' walk from the central academic facilities of the University of Liverpool. The scheme was completed for the 2016-17 academic year and was fully let under the management of CRM.
Empiric Student Property has exchanged contracts to acquire the freehold of the Hahnemann Building in Liverpool for £10.8 million, excluding costs.
The acquisition is expected to complete in October.
The Hahnemann Building is a Grade II listed building within an established student area in Liverpool.
The property was originally Liverpool Hahnemann Hospital and has been converted into a high specification student accommodation scheme comprising 98 studios with communal space.
The property is on Hope Street which connects Liverpool's two iconic landmark cathedrals, situated in a World Heritage Site Buffer Zone, close to the city centre and within easy reach of the main railway station, Liverpool Lime Street.
The Hahnemann Building is adjacent to John Moores University and is ten minutes' walk from the central academic facilities of the University of Liverpool. The scheme was completed for the 2016-17 academic year and was fully let under the management of CRM.
HARRYCAT
- 12 Sep 2017 09:39
- 61 of 91
StockMarketWire.com
Empiric Student Property's portfolio valuation rose to £817.9m in the six months to the end of June - up 13.4% from the end of December.
Operating profit was £20.2 million (H2 2016: £20.2 million).
Highlights:
- 3.05 pence dividend paid for the six months ended 30 June 2017 (3.05 pence for the six months ended 31 December 2016)
* Target dividend for the period to 31 December 2017 of 6.1 pence per share
- £13.0 million revaluation gain (H2 2016: £14.5 million)
- NAV per share (basic) of 105.81 pence
- 0.08% decrease from a NAV of 105.90 pence (basic) as at 31 December 2016 net of all property acquisition costs
- Loan to value ratio at 30 June 2017 of 36.0%, with a weighted average term to maturity for the debt of 7.1 years and weighted average interest payable of 3.42%
- Agreed a new £10 million three year unsecured loan, which has been drawn down
- Total property portfolio valuation of £817.9 million as at 30 June 2017 (31 December 2016: £721.3 million)
- Total valuation uplift of £96.6 million (13.4%) for the period compared to 31 December 2016
Chairman Baroness Dean of Thornton-le-Fylde said: "More students demanding a bed in purpose built accommodation coupled with pressures on local housing markets means that demand for PBSA remains strong.
"The details of the UK's exit from the European Union remain unclear but the UK Government recognises the importance of the continued success of the higher education sector.
"Around 23% of students in the UK are international, of which nearly 7% are from the EU.
"Many are postgraduates who come to the UK for 12 months or less, which means they should not be affected by post-Brexit limits on immigration, which would apply to those coming here for more than one year.
"The student accommodation market remains highly attractive and we have the strategy, pipeline, financial resources, management team and people to continue to grow the business successfully in the second half of the year and into the future.
"In summary, we are optimistic about Empiric's prospects in the remainder of 2017 and beyond."
Empiric Student Property's portfolio valuation rose to £817.9m in the six months to the end of June - up 13.4% from the end of December.
Operating profit was £20.2 million (H2 2016: £20.2 million).
Highlights:
- 3.05 pence dividend paid for the six months ended 30 June 2017 (3.05 pence for the six months ended 31 December 2016)
* Target dividend for the period to 31 December 2017 of 6.1 pence per share
- £13.0 million revaluation gain (H2 2016: £14.5 million)
- NAV per share (basic) of 105.81 pence
- 0.08% decrease from a NAV of 105.90 pence (basic) as at 31 December 2016 net of all property acquisition costs
- Loan to value ratio at 30 June 2017 of 36.0%, with a weighted average term to maturity for the debt of 7.1 years and weighted average interest payable of 3.42%
- Agreed a new £10 million three year unsecured loan, which has been drawn down
- Total property portfolio valuation of £817.9 million as at 30 June 2017 (31 December 2016: £721.3 million)
- Total valuation uplift of £96.6 million (13.4%) for the period compared to 31 December 2016
Chairman Baroness Dean of Thornton-le-Fylde said: "More students demanding a bed in purpose built accommodation coupled with pressures on local housing markets means that demand for PBSA remains strong.
"The details of the UK's exit from the European Union remain unclear but the UK Government recognises the importance of the continued success of the higher education sector.
"Around 23% of students in the UK are international, of which nearly 7% are from the EU.
"Many are postgraduates who come to the UK for 12 months or less, which means they should not be affected by post-Brexit limits on immigration, which would apply to those coming here for more than one year.
"The student accommodation market remains highly attractive and we have the strategy, pipeline, financial resources, management team and people to continue to grow the business successfully in the second half of the year and into the future.
"In summary, we are optimistic about Empiric's prospects in the remainder of 2017 and beyond."
skinny
- 13 Sep 2017 11:36
- 62 of 91
skinny
- 13 Sep 2017 11:36
- 63 of 91
Numis Hold 108.38 115.00 115.00 Retains
HARRYCAT
- 23 Nov 2017 09:42
- 64 of 91
StockMarketWire.com
Empiric Student Property is to implement operational improvements and cost savings after a review identified a number of inefficiencies which have had an adverse impact on performance.
The review was led by chief financial officer Lynne Fennah, who joined the company on 26 Jun, with chief executive Paul Hadaway and chief investment officer Tim Attlee.
It said the board expects these to deliver growth in operating margin, dividend cover and total shareholder return in 2018 and beyond.
The group said the initiatives were not expected to have a negative impact on the core business activities or its investment strategy.
Chairman Baroness Dean said: 'With the increase in operating properties from 52 to 84 and in internally managed buildings of 18 to 61, from June 2016 to the start of the current academic year, 2017 has been a year of exceptional growth for Empiric.
'The review undertaken has identified a number of operational inefficiencies which have adversely impacted performance.
'The Board is acutely aware that performance has fallen below expectations and is fully focused on delivering operational efficiencies.
'We are confident in the quality of the portfolio, prospects for future performance and the Company's potential to deliver returns which meet market expectations.'
Empiric Student Property is to implement operational improvements and cost savings after a review identified a number of inefficiencies which have had an adverse impact on performance.
The review was led by chief financial officer Lynne Fennah, who joined the company on 26 Jun, with chief executive Paul Hadaway and chief investment officer Tim Attlee.
It said the board expects these to deliver growth in operating margin, dividend cover and total shareholder return in 2018 and beyond.
The group said the initiatives were not expected to have a negative impact on the core business activities or its investment strategy.
Chairman Baroness Dean said: 'With the increase in operating properties from 52 to 84 and in internally managed buildings of 18 to 61, from June 2016 to the start of the current academic year, 2017 has been a year of exceptional growth for Empiric.
'The review undertaken has identified a number of operational inefficiencies which have adversely impacted performance.
'The Board is acutely aware that performance has fallen below expectations and is fully focused on delivering operational efficiencies.
'We are confident in the quality of the portfolio, prospects for future performance and the Company's potential to deliver returns which meet market expectations.'
skinny
- 04 Dec 2017 07:04
- 65 of 91
Clarification of Company announcement on 1 December: Notification of Transaction of a Director
Further to the Company announcement on 1 December 2017, Notification of Transaction of a Director, the Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, confirms that Paul Hadaway, Chief Executive of the Company, has reorganised his personal shareholding by transferring 388,750 ordinary shares in the Company ("Ordinary Shares") from his personal account into his pension fund.
Mr Hadaway sold 388,750 ordinary shares in the Company ("Ordinary Shares") at a price of 87.75 pence per Ordinary Share and Mr Hadaway's pension fund then subsequently purchased 388,750 Ordinary Shares at price of 87.7575 pence per share.
Following the transaction, there were no net changes to Mr Hadaway's shareholding in the Company and he continues to hold 1,532,775 Ordinary Shares (equivalent to 0.25 per cent. of the Company's issued ordinary share capital).
This notification is made in accordance with Article 19 of the Market Abuse Regulations and further details required under Article 19(6) are set out in the Appendix below.
Further to the Company announcement on 1 December 2017, Notification of Transaction of a Director, the Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, confirms that Paul Hadaway, Chief Executive of the Company, has reorganised his personal shareholding by transferring 388,750 ordinary shares in the Company ("Ordinary Shares") from his personal account into his pension fund.
Mr Hadaway sold 388,750 ordinary shares in the Company ("Ordinary Shares") at a price of 87.75 pence per Ordinary Share and Mr Hadaway's pension fund then subsequently purchased 388,750 Ordinary Shares at price of 87.7575 pence per share.
Following the transaction, there were no net changes to Mr Hadaway's shareholding in the Company and he continues to hold 1,532,775 Ordinary Shares (equivalent to 0.25 per cent. of the Company's issued ordinary share capital).
This notification is made in accordance with Article 19 of the Market Abuse Regulations and further details required under Article 19(6) are set out in the Appendix below.
HARRYCAT
- 04 Dec 2017 13:29
- 66 of 91
This seems to have slipped beyond any reasonable logic. Presumably partly due to the effect of Brexit, but last set of figures weren't bad. Has now fallen well below the float price....presumably divi is safe? Am tempted to get back in at these levels.
EDIT: Just seen divi has been cut. (1.52p to 1.25p)
EDIT: Just seen divi has been cut. (1.52p to 1.25p)
Joe Say
- 05 Dec 2017 08:25
- 67 of 91
Really?
Did you not read about their specific problems ????
Did you not read about their specific problems ????
HARRYCAT
- 05 Dec 2017 09:31
- 68 of 91
Must have missed that JS. Will have a better look.
EDIT : Dec 2016 seems to have been the time of unrest concerning Directors remuneration. Revolving credit facility renegotiated Sept 2017 + increase in equity. A 30% drop in the sp might be a bit overdone?
EDIT : Dec 2016 seems to have been the time of unrest concerning Directors remuneration. Revolving credit facility renegotiated Sept 2017 + increase in equity. A 30% drop in the sp might be a bit overdone?
skinny
- 14 Dec 2017 09:09
- 69 of 91
HARRYCAT
- 14 Dec 2017 09:42
- 70 of 91
What do you reckon skinny?
Surely selling the company as a whole has got to be a better option than selling off individual assets, as far as shareholders are concerned?
Surely selling the company as a whole has got to be a better option than selling off individual assets, as far as shareholders are concerned?
skinny
- 14 Dec 2017 14:54
- 71 of 91
I'm not sure Harry - I'm obviously missing something.
HARRYCAT
- 12 Feb 2018 11:16
- 72 of 91
StockMarketWire.com
Empiric Student Property plc, the owner and operator of student accommodation across the UK, announced Monday that it acquired the freehold of a 240 bed student accommodation property in Southampton, for £10.6 million.
Post-acquisition, Empiric will own 459 beds in Southampton amounting to approximately 9% of Southampton's private PBSA.
The property comprises affordable student accommodation configured in three and four bed apartments with 65 commercially let car parking spaces.
Tim Attlee, Acting Chief Executive of Empiric Student Property plc, said: 'As envisaged in the Company's 2025 Plan, adding affordable accommodation to Empiric's existing studio stock in the City widens the rental range offered to students and allows cross-selling between accommodation formats.'
'The Property will also contribute to a reduction of the Company's per-bed operating costs in the City. The investment is immediately income producing and in line with Empiric's investment criteria and returns targets.'
Empiric Student Property plc, the owner and operator of student accommodation across the UK, announced Monday that it acquired the freehold of a 240 bed student accommodation property in Southampton, for £10.6 million.
Post-acquisition, Empiric will own 459 beds in Southampton amounting to approximately 9% of Southampton's private PBSA.
The property comprises affordable student accommodation configured in three and four bed apartments with 65 commercially let car parking spaces.
Tim Attlee, Acting Chief Executive of Empiric Student Property plc, said: 'As envisaged in the Company's 2025 Plan, adding affordable accommodation to Empiric's existing studio stock in the City widens the rental range offered to students and allows cross-selling between accommodation formats.'
'The Property will also contribute to a reduction of the Company's per-bed operating costs in the City. The investment is immediately income producing and in line with Empiric's investment criteria and returns targets.'
skinny
- 15 Feb 2018 08:47
- 73 of 91
Property Valuation & Trading Update
Empiric Student Property plc (ticker: ESP), the owner and operator of student accommodation across the UK, announces that the Group's property portfolio was independently valued by CBRE Ltd as at 31 December 2017 and on a like-for-like basis is slightly ahead compared to 30 June 2017. The portfolio valuation was £890.1 million, representing an increase of 23.4% for the full year and 8.8% for H2 2017 and was based on current levels of occupancy and on an industry standard asset-by-asset basis.
The increase in valuation has been driven largely by acquisitions, with yield compression, development progress and rental growth also contributing to uplifts in the majority of Empiric's towns and cities, which are continuing to see strong demand. However, this increase in value has been partially offset by certain assets where Empiric has faced operational challenges as previously reported.
The Group continues to focus fully on driving revenue and reducing costs and can report recent progress in line with the guidance provided in the November 2017 Trading Update. Bookings for the 2018/19 academic year are at 40% which is significantly ahead of last year and administration costs for H2 2017 have been reduced by 21% from £7.6 million for H1 2017 to circa £6.0 million.
The results for the year ended 31 December 2017 will be published on Wednesday 21 March 2018 and will include a full update on the Company's performance and progress made on the initiatives outlined in the Business Review.
Empiric Student Property plc (ticker: ESP), the owner and operator of student accommodation across the UK, announces that the Group's property portfolio was independently valued by CBRE Ltd as at 31 December 2017 and on a like-for-like basis is slightly ahead compared to 30 June 2017. The portfolio valuation was £890.1 million, representing an increase of 23.4% for the full year and 8.8% for H2 2017 and was based on current levels of occupancy and on an industry standard asset-by-asset basis.
The increase in valuation has been driven largely by acquisitions, with yield compression, development progress and rental growth also contributing to uplifts in the majority of Empiric's towns and cities, which are continuing to see strong demand. However, this increase in value has been partially offset by certain assets where Empiric has faced operational challenges as previously reported.
The Group continues to focus fully on driving revenue and reducing costs and can report recent progress in line with the guidance provided in the November 2017 Trading Update. Bookings for the 2018/19 academic year are at 40% which is significantly ahead of last year and administration costs for H2 2017 have been reduced by 21% from £7.6 million for H1 2017 to circa £6.0 million.
The results for the year ended 31 December 2017 will be published on Wednesday 21 March 2018 and will include a full update on the Company's performance and progress made on the initiatives outlined in the Business Review.
skinny
- 15 Feb 2018 08:47
- 74 of 91
Numis Hold 85.35 91.00 91.00 Reiterates
skinny
- 26 Feb 2018 17:00
- 75 of 91
Dividend Declaration
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 31 December 2017, payable on 23 March 2018 to all Ordinary Shareholders on the register on 9 March 2018. The ex-dividend date will be 8 March 2018.
0.84 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 0.41 pence will be paid as an Ordinary UK dividend ("non-PID").
The Board is targeting a dividend of 5 pence per share for the year to 31 December 2018.1
Note:
(1) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 31 December 2017, payable on 23 March 2018 to all Ordinary Shareholders on the register on 9 March 2018. The ex-dividend date will be 8 March 2018.
0.84 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 0.41 pence will be paid as an Ordinary UK dividend ("non-PID").
The Board is targeting a dividend of 5 pence per share for the year to 31 December 2018.1
Note:
(1) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.
skinny
- 14 Mar 2018 14:33
- 76 of 91
NOTICE OF FULL YEAR RESULTS
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of student accommodation across the UK, will announce its full year results for the 12 months ended 31 December 2017 on Wednesday, 21 March 2018.
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of student accommodation across the UK, will announce its full year results for the 12 months ended 31 December 2017 on Wednesday, 21 March 2018.
skinny
- 25 Apr 2018 08:23
- 77 of 91
skinny
- 25 Apr 2018 08:23
- 78 of 91
RESULT OF AGM AND TRADING UPDATE
The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, announces that all resolutions proposed at the Company's Annual General Meeting held on 24 April 2018 were duly passed as set out below.
The Board is also pleased to provide the following trading update:
Stuart Beevor, Acting Chairman, commented:
"We are very encouraged with the Company's on-going progress in delivering financial and operational improvements across the business. We look forward to being able to report further progress in the near term, ahead of the announcement of the Company's interim results in August 2018."
· Bookings growing strongly: Bookings for the 2018/19 academic year are currently 57% compared to 45% at the same time last year, and up from 48% as announced by the Company on 21 March 2018. 7.50% of beds in the Company's portfolio are let on nominations agreements or leases with universities.
o Targeting occupancy of 97% for the 2018/19 academic year, supported by an increased focus on the end to end sales process.
· Operating margin increasing: Significant progress made on improving the operating margin in FY 2018 and on track to bring cost-effective facilities management in-house in stages completing in Q1 2019, with the first significant cost savings from Q4 2018 as third party costs begin to fall away.
· Administration expenses reducing: On track to achieve the target of £10 million in FY 2018 for administration expenses, a reduction of 26% on FY 2017.
· Improving dividend cover: Significant progress made on improving dividend cover which is expected to be approximately two thirds covered by adjusted earnings in FY 2018 and fully covered in FY 2019.
o Targeting a dividend of 5.0 pence per share for the year ending 31 December 2018.
· Non-executive Chairman: The Board has commenced a process to identify a new non-executive Chairman and looks forward to making a further announcement in due course.
In accordance with Listing Rule 9.6.2(R), a copy of the resolutions passed at the Annual General Meeting will be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM.
more.....
The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, announces that all resolutions proposed at the Company's Annual General Meeting held on 24 April 2018 were duly passed as set out below.
The Board is also pleased to provide the following trading update:
Stuart Beevor, Acting Chairman, commented:
"We are very encouraged with the Company's on-going progress in delivering financial and operational improvements across the business. We look forward to being able to report further progress in the near term, ahead of the announcement of the Company's interim results in August 2018."
· Bookings growing strongly: Bookings for the 2018/19 academic year are currently 57% compared to 45% at the same time last year, and up from 48% as announced by the Company on 21 March 2018. 7.50% of beds in the Company's portfolio are let on nominations agreements or leases with universities.
o Targeting occupancy of 97% for the 2018/19 academic year, supported by an increased focus on the end to end sales process.
· Operating margin increasing: Significant progress made on improving the operating margin in FY 2018 and on track to bring cost-effective facilities management in-house in stages completing in Q1 2019, with the first significant cost savings from Q4 2018 as third party costs begin to fall away.
· Administration expenses reducing: On track to achieve the target of £10 million in FY 2018 for administration expenses, a reduction of 26% on FY 2017.
· Improving dividend cover: Significant progress made on improving dividend cover which is expected to be approximately two thirds covered by adjusted earnings in FY 2018 and fully covered in FY 2019.
o Targeting a dividend of 5.0 pence per share for the year ending 31 December 2018.
· Non-executive Chairman: The Board has commenced a process to identify a new non-executive Chairman and looks forward to making a further announcement in due course.
In accordance with Listing Rule 9.6.2(R), a copy of the resolutions passed at the Annual General Meeting will be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM.
more.....
skinny
- 23 May 2018 07:21
- 79 of 91
Dividend Declaration
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 31 March 2018, payable on 15 June 2018 to all Ordinary Shareholders on the register on 1 June 2018. The ex-dividend date will be 31 May 2018.
0.20 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 1.05 pence will be paid as an Ordinary UK dividend ("non-PID").
The Board is targeting a dividend of 5 pence per share for the year to 31 December 2018.1
Note:
(1) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 31 March 2018, payable on 15 June 2018 to all Ordinary Shareholders on the register on 1 June 2018. The ex-dividend date will be 31 May 2018.
0.20 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 1.05 pence will be paid as an Ordinary UK dividend ("non-PID").
The Board is targeting a dividend of 5 pence per share for the year to 31 December 2018.1
Note:
(1) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.
HARRYCAT
- 04 Jun 2018 11:16
- 80 of 91
Notice of Trading Update and Half Year Results
Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, will provide a brief trading update on Thursday, 5 July 2018, ahead of the Company's half year results for the six months ended 30 June 2018, which will be announced on Tuesday, 21 August 2018.
Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, will provide a brief trading update on Thursday, 5 July 2018, ahead of the Company's half year results for the six months ended 30 June 2018, which will be announced on Tuesday, 21 August 2018.
skinny
- 05 Jul 2018 09:05
- 81 of 91
TRADING UPDATE AND DIRECTOR AND MANAGEMENT CHANGES
The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, is pleased to provide the following update on trading ahead of the Company's half year results for the six months ended 30 June 2018, which will be announced on Tuesday, 21 August 2018.
The Group continues to make good progress on delivering financial and operational improvements across the business and remains on track to meet its previously stated targets of:
· Full occupancy for the 2018/19 academic year*.
· Increasing the operating margin from 57% in FY 2017 to 70% over the next two years.
· Reducing administration expenses to £10m pa in 2018, a reduction of 26% on FY 2017.
· Improving dividend cover to approximately two thirds covered by adjusted earnings in FY 2018 and fully covered in FY 2019.
Bookings for the 2018/19 academic year are continuing to progress well and are currently at 76% compared to 63% at the same time last year, and up from 57% as announced by the Company on 25 April 2018.
The programme of bringing all facilities management in-house in stages by 1 April 2019 is on track, with 33% of the Group's properties expected to be transferred in-house by 1 September 2018. The management of all utilities has already been successfully transferred in-house from 1 July 2018. The first significant cost savings from this transfer in-house of facilties management are expected in Q4 2018 as third party costs begin to fall away.
The Board announces that Lynne Fennah has been appointed to the dual roles of Chief Operating Officer and Chief Financial Officer with effect from 1st July 2018. Since December 2017, Lynne has led and assumed responsibility for all day to day operating activities of the Company and, in recognition of the continued positive financial and operational progress of the Company, the Board has formalised Lynne's responsibilities.
Tim Attlee remains Acting Chief Executive Officer and Chief Investment Officer of the Company.
To help support and continue the Group's financial and operational progress as well as the significant work to implement successfully the programme of bringing in-house all facilities management and support services, a new Group Financial Controller and Head of Facilities Management were appointed in December 2017 and on 2 July 2018 respectively.
The Board is making good progress in its search for a new non-executive Chairman and expects to make a further announcement in the near term.
* In line with industry standards, student occupancy levels of 97% and above are considered as fully let.
The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, is pleased to provide the following update on trading ahead of the Company's half year results for the six months ended 30 June 2018, which will be announced on Tuesday, 21 August 2018.
The Group continues to make good progress on delivering financial and operational improvements across the business and remains on track to meet its previously stated targets of:
· Full occupancy for the 2018/19 academic year*.
· Increasing the operating margin from 57% in FY 2017 to 70% over the next two years.
· Reducing administration expenses to £10m pa in 2018, a reduction of 26% on FY 2017.
· Improving dividend cover to approximately two thirds covered by adjusted earnings in FY 2018 and fully covered in FY 2019.
Bookings for the 2018/19 academic year are continuing to progress well and are currently at 76% compared to 63% at the same time last year, and up from 57% as announced by the Company on 25 April 2018.
The programme of bringing all facilities management in-house in stages by 1 April 2019 is on track, with 33% of the Group's properties expected to be transferred in-house by 1 September 2018. The management of all utilities has already been successfully transferred in-house from 1 July 2018. The first significant cost savings from this transfer in-house of facilties management are expected in Q4 2018 as third party costs begin to fall away.
The Board announces that Lynne Fennah has been appointed to the dual roles of Chief Operating Officer and Chief Financial Officer with effect from 1st July 2018. Since December 2017, Lynne has led and assumed responsibility for all day to day operating activities of the Company and, in recognition of the continued positive financial and operational progress of the Company, the Board has formalised Lynne's responsibilities.
Tim Attlee remains Acting Chief Executive Officer and Chief Investment Officer of the Company.
To help support and continue the Group's financial and operational progress as well as the significant work to implement successfully the programme of bringing in-house all facilities management and support services, a new Group Financial Controller and Head of Facilities Management were appointed in December 2017 and on 2 July 2018 respectively.
The Board is making good progress in its search for a new non-executive Chairman and expects to make a further announcement in the near term.
* In line with industry standards, student occupancy levels of 97% and above are considered as fully let.
skinny
- 17 Jul 2018 12:30
- 82 of 91
Slowly recovering.
;MA(200);HL(100);HL(85.5)&IND=RSI(14)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
skinny
- 26 Jul 2018 08:05
- 83 of 91
skinny
- 21 Aug 2018 08:24
- 84 of 91
Interim Results
· Property portfolio valued at £945.2 million at 30 June 2018 (31 December 2017: £890.1 million), up 6.2%, including a 3.0% like-for-like valuation increase
· Net asset value ("NAV") per share growth of 1.1% to 105.54 pence (31 December 2017 104.37 pence)
· Adjusted earnings per share ("EPS") of 1.50 pence (H1 2017: 1.05 pence), resulting in dividend cover for the period of 60.0%
· Dividends declared of 2.5 pence per share, in line with 5.0 pence target for 2018
· Administration expenses reduced to £4.9 million (H1 2017: £7.6 million), on track to meet full-year target of £10 million
· Gross margin of 62.3% (H1 2017: 60.4%), reflecting good progress with reducing property costs
· Gross annualised rent on 87 operating properties of £66.6 million for the 2017/18 academic year (31 December 2017: £65.3 million for 85 operating properties)
· Net debt of £314.8 million at 30 June 2018 (31 December 2017: £298.1 million), resulting in a loan-to-value ratio ("LTV") of 34.2% (31 December 2017: 32.9%), in line with our long-term target of 35.0% and maximum of 40.0%. Aggregate cost of debt of 3.1% with a weighted average term to maturity of 5.8 years
Operational Performance
· Bookings of 87% at 14 August 20185, putting us on track for full occupancy of 97% for the 2018/19 academic year (Note: Bookings of 87% at 14 August 2018 is contained within the Interim Report. Bookings increased to 89% at 20 August 2018 as set out in the analyst presentation on 21 August).
· Like-for-like income growth of above 6.0% for the 2018/19 academic year, resulting from an average annualised student rental growth of 2.0% and increase in the weighted average lease term from 48.5 weeks to 50.5 weeks at the date of this report
· Facilities management for one third of our assets will be in-house for the start of the 2018/19 academic year, with all of our facilities management in-house from 1 April 2019
· 100% of our direct let properties will be let and maintained under the Hello Student® brand for the start of the 2018/19 academic year
· Wide range of other operational improvements, including rationalising staff numbers in Hello Student®, refocusing marketing spend and bringing administration of utilities in-house, helping to ensure our business is fit-for-purpose for the long term
· 95 assets with 9,398 beds contracted at 30 June 2018 (31 December 2017: 94 assets with 9,158 beds), in 29 prime university cities and towns
· 87 operating or revenue-generating assets at the period end (31 December 2017: 85 assets), with an average valuation yield of 5.7% and average yield on cost of 6.5%
· Acquired one standing asset with 240 beds, for £10.6 million
· All developments due to be completed for the 2018/19 academic year are progressing satisfactorily
Board and Management Changes
· Lynne Fennah appointed to dual roles of Chief Operating Officer and Chief Financial Officer from 1 July 2018, formalising her responsibility for our operations
· Mark Pain appointed as Non-Executive Chairman with effect from 1 September 2018
Post Period End Highlights
· On 21 August 2018, the Board declared a dividend of 1.25 pence per ordinary share in respect of the quarter ended 30 June 2018, which is to be paid on 14 September 2018 to shareholders on the register on 31 August 2018
· On 14 August 2018 the Group drew down the first £20 million of its £70 million three-year revolving credit facility.
more.....
· Property portfolio valued at £945.2 million at 30 June 2018 (31 December 2017: £890.1 million), up 6.2%, including a 3.0% like-for-like valuation increase
· Net asset value ("NAV") per share growth of 1.1% to 105.54 pence (31 December 2017 104.37 pence)
· Adjusted earnings per share ("EPS") of 1.50 pence (H1 2017: 1.05 pence), resulting in dividend cover for the period of 60.0%
· Dividends declared of 2.5 pence per share, in line with 5.0 pence target for 2018
· Administration expenses reduced to £4.9 million (H1 2017: £7.6 million), on track to meet full-year target of £10 million
· Gross margin of 62.3% (H1 2017: 60.4%), reflecting good progress with reducing property costs
· Gross annualised rent on 87 operating properties of £66.6 million for the 2017/18 academic year (31 December 2017: £65.3 million for 85 operating properties)
· Net debt of £314.8 million at 30 June 2018 (31 December 2017: £298.1 million), resulting in a loan-to-value ratio ("LTV") of 34.2% (31 December 2017: 32.9%), in line with our long-term target of 35.0% and maximum of 40.0%. Aggregate cost of debt of 3.1% with a weighted average term to maturity of 5.8 years
Operational Performance
· Bookings of 87% at 14 August 20185, putting us on track for full occupancy of 97% for the 2018/19 academic year (Note: Bookings of 87% at 14 August 2018 is contained within the Interim Report. Bookings increased to 89% at 20 August 2018 as set out in the analyst presentation on 21 August).
· Like-for-like income growth of above 6.0% for the 2018/19 academic year, resulting from an average annualised student rental growth of 2.0% and increase in the weighted average lease term from 48.5 weeks to 50.5 weeks at the date of this report
· Facilities management for one third of our assets will be in-house for the start of the 2018/19 academic year, with all of our facilities management in-house from 1 April 2019
· 100% of our direct let properties will be let and maintained under the Hello Student® brand for the start of the 2018/19 academic year
· Wide range of other operational improvements, including rationalising staff numbers in Hello Student®, refocusing marketing spend and bringing administration of utilities in-house, helping to ensure our business is fit-for-purpose for the long term
· 95 assets with 9,398 beds contracted at 30 June 2018 (31 December 2017: 94 assets with 9,158 beds), in 29 prime university cities and towns
· 87 operating or revenue-generating assets at the period end (31 December 2017: 85 assets), with an average valuation yield of 5.7% and average yield on cost of 6.5%
· Acquired one standing asset with 240 beds, for £10.6 million
· All developments due to be completed for the 2018/19 academic year are progressing satisfactorily
Board and Management Changes
· Lynne Fennah appointed to dual roles of Chief Operating Officer and Chief Financial Officer from 1 July 2018, formalising her responsibility for our operations
· Mark Pain appointed as Non-Executive Chairman with effect from 1 September 2018
Post Period End Highlights
· On 21 August 2018, the Board declared a dividend of 1.25 pence per ordinary share in respect of the quarter ended 30 June 2018, which is to be paid on 14 September 2018 to shareholders on the register on 31 August 2018
· On 14 August 2018 the Group drew down the first £20 million of its £70 million three-year revolving credit facility.
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skinny
- 21 Aug 2018 08:25
- 85 of 91
Dividend Declaration
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 30 June 2018, payable on 14 September 2018 to all Ordinary Shareholders on the register on 31 August 2018. The ex-dividend date will be 30 August 2018.
0.16 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 1.09 pence will be paid as an Ordinary UK dividend ("non-PID").
The Board is targeting a dividend of 5 pence per share for the year to 31 December 2018.1
Note:
(1 The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 30 June 2018, payable on 14 September 2018 to all Ordinary Shareholders on the register on 31 August 2018. The ex-dividend date will be 30 August 2018.
0.16 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 1.09 pence will be paid as an Ordinary UK dividend ("non-PID").
The Board is targeting a dividend of 5 pence per share for the year to 31 December 2018.1
Note:
(1 The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.
skinny
- 23 Aug 2018 12:26
- 86 of 91
Somewhere along the line Numis have increased their TP.
23 Aug 18 Numis Hold 97.55 98.00 - Reiterates
21 Aug 18 Numis Hold 97.55 91.00 - Reiterates
23 Aug 18 Numis Hold 97.55 98.00 - Reiterates
21 Aug 18 Numis Hold 97.55 91.00 - Reiterates
skinny
- 04 Oct 2018 07:26
- 87 of 91
Trading Update
TRADING UPDATE
The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, is pleased to provide the following update on trading.
Bookings for the 2018/19 Academic Year have reached 96% as at 3 October 2018, which is significantly ahead of last year. New reservations are continuing and the Company is on track to achieve the full occupancy target of 97%*. These later reservations relate to specific assets within the Company's portfolio where lettings to international and postgraduate students continue through October and into November.
On 1 September 2018 Hello Student® assumed the marketing and lettings management of the Company's entire portfolio and successfully took control of facilities management for 27 properties. The facilities management provision for the remaining 57 properties remains on schedule to be brought in-house by 31 March 2019. The wider programme is progressing well, with the call centre now live, the database established and contracts continuing to be rationalised.
The Group continues to make good progress on delivering financial and operational improvements across the business and remains on track to meet its previously stated targets.
* In line with industry standards, student occupancy levels of 97% and above are considered as fully let.
TRADING UPDATE
The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of student accommodation across the UK, is pleased to provide the following update on trading.
Bookings for the 2018/19 Academic Year have reached 96% as at 3 October 2018, which is significantly ahead of last year. New reservations are continuing and the Company is on track to achieve the full occupancy target of 97%*. These later reservations relate to specific assets within the Company's portfolio where lettings to international and postgraduate students continue through October and into November.
On 1 September 2018 Hello Student® assumed the marketing and lettings management of the Company's entire portfolio and successfully took control of facilities management for 27 properties. The facilities management provision for the remaining 57 properties remains on schedule to be brought in-house by 31 March 2019. The wider programme is progressing well, with the call centre now live, the database established and contracts continuing to be rationalised.
The Group continues to make good progress on delivering financial and operational improvements across the business and remains on track to meet its previously stated targets.
* In line with industry standards, student occupancy levels of 97% and above are considered as fully let.
skinny
- 14 Nov 2018 07:07
- 88 of 91
DIVIDEND DECLARATION
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 30 September 2018, payable on 7 December 2018 to all Ordinary Shareholders on the register on 23 November 2018. The ex-dividend date will be 22 November 2018.
0.12 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 1.13 pence will be paid as an Ordinary UK dividend ("non-PID").
The Board is targeting a dividend of 5.0 pence per share for the year to 31 December 20181.
Note:
(1) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, has declared a dividend of 1.25 pence per Ordinary Share in respect of the quarter ended 30 September 2018, payable on 7 December 2018 to all Ordinary Shareholders on the register on 23 November 2018. The ex-dividend date will be 22 November 2018.
0.12 pence of this dividend will be paid as a Property Income Distribution ("PID") in respect of the Company's tax exempt property rental business and 1.13 pence will be paid as an Ordinary UK dividend ("non-PID").
The Board is targeting a dividend of 5.0 pence per share for the year to 31 December 20181.
Note:
(1) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results.
skinny
- 20 Dec 2018 08:29
- 89 of 91
Refinancing of £86.1 Million of Debt
REFINANCING OF £86.1 MILLION OF DEBT WITH NEW 10 YEAR LOAN FACILITY WITH SCOTTISH WIDOWS
The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of premium student accommodation across the UK, is pleased to announce the successful refinancing of £86.1 million of the Group's existing debt with a new 10 year, fixed rate term loan facility with Scottish Widows Limited (the "New Facility"). The New Facility is secured against a portfolio of the Company's operating assets, held as a lending group, through a wholly owned subsidiary.
The New Facility is interest only and fixed at 3.196% per annum for 10 years. Upon drawdown of the New Facility, the Company's debt servicing costs on the refinanced debt will be reduced and the Company's average debt maturity profile across all facilities will extend to eight years.
£30.6 million of the New Facility will be drawn in the near term, with the remaining £55.5 million expected to be drawn towards the end of October 2019. Both drawdowns will be at the expiration of each term of the existing debt facilities so that the Company does not incur any break fees. The Company's loan to value remains unchanged and in line with the Company's long-term target of 35.0%.
Lynne Fennah, Chief Financial and Operating Officer of Empiric Student Property plc, commented:
"We are pleased to have agreed terms on our new long-term debt facility with Scottish Widows at an attractive rate. The benefits of our new £86.1 million facility include reducing the Company's debt servicing costs on the refinanced debt and the extension of the Company's average debt maturity profile across all facilities."
Commenting on the facility, Duncan Smith, Director of Scottish Widows Loan Investments said:
"As part of Scottish Widows' commitment to support all forms of UK housing, we are pleased to provide Empiric with a long-term debt facility, arranged through our partnership with Lloyds Bank Real Estate and Housing. The funding is secured against premium student accommodation in a range of key UK university cities and has been structured to meet the client's specific refinancing requirements."
REFINANCING OF £86.1 MILLION OF DEBT WITH NEW 10 YEAR LOAN FACILITY WITH SCOTTISH WIDOWS
The Board of Empiric Student Property plc (ticker: ESP) (the "Board"), the owner and operator of premium student accommodation across the UK, is pleased to announce the successful refinancing of £86.1 million of the Group's existing debt with a new 10 year, fixed rate term loan facility with Scottish Widows Limited (the "New Facility"). The New Facility is secured against a portfolio of the Company's operating assets, held as a lending group, through a wholly owned subsidiary.
The New Facility is interest only and fixed at 3.196% per annum for 10 years. Upon drawdown of the New Facility, the Company's debt servicing costs on the refinanced debt will be reduced and the Company's average debt maturity profile across all facilities will extend to eight years.
£30.6 million of the New Facility will be drawn in the near term, with the remaining £55.5 million expected to be drawn towards the end of October 2019. Both drawdowns will be at the expiration of each term of the existing debt facilities so that the Company does not incur any break fees. The Company's loan to value remains unchanged and in line with the Company's long-term target of 35.0%.
Lynne Fennah, Chief Financial and Operating Officer of Empiric Student Property plc, commented:
"We are pleased to have agreed terms on our new long-term debt facility with Scottish Widows at an attractive rate. The benefits of our new £86.1 million facility include reducing the Company's debt servicing costs on the refinanced debt and the extension of the Company's average debt maturity profile across all facilities."
Commenting on the facility, Duncan Smith, Director of Scottish Widows Loan Investments said:
"As part of Scottish Widows' commitment to support all forms of UK housing, we are pleased to provide Empiric with a long-term debt facility, arranged through our partnership with Lloyds Bank Real Estate and Housing. The funding is secured against premium student accommodation in a range of key UK university cities and has been structured to meet the client's specific refinancing requirements."
HARRYCAT
- 14 Feb 2019 09:54
- 90 of 91
TRADING UPDATE
The Board of Empiric Student Property plc, the owner and operator of premium student accommodation across the UK, is pleased to provide the following update ahead of the publication of the Company's results for the year ended 31 December 2018, which are expected to be announced on 20 March 2019.
The Group continues to make good progress on delivering financial and operational improvements across the business. For the year ended 31 December 2018, the Board expects the Group will deliver significant improvements in the following key financial metrics in line with previously announced management expectations: a gross margin above 61% (2017: 57%); administration costs below £10 million (2017: £13.5 million); and the dividend to be at least 60% (2017: 33%) covered by adjusted earnings.
The unaudited like-for-like property portfolio valuation increase between 31 December 2017 and 31 December 2018 is expected to be in excess of 4.5%.
The Company remains on track to meet its aggregate dividend target of 5.0 pence per share for the year ended 31 December 2018, payable quarterly, of which 3.75 pence per share has been paid for the nine months ended 30 September 2018.
The programme of bringing all facilities management in-house in stages by 1 April 2019 remains on track and bookings for the 2019/20 academic year are progressing in line with expectations. The Board continues to be confident in the outlook for the business.
The Board of Empiric Student Property plc, the owner and operator of premium student accommodation across the UK, is pleased to provide the following update ahead of the publication of the Company's results for the year ended 31 December 2018, which are expected to be announced on 20 March 2019.
The Group continues to make good progress on delivering financial and operational improvements across the business. For the year ended 31 December 2018, the Board expects the Group will deliver significant improvements in the following key financial metrics in line with previously announced management expectations: a gross margin above 61% (2017: 57%); administration costs below £10 million (2017: £13.5 million); and the dividend to be at least 60% (2017: 33%) covered by adjusted earnings.
The unaudited like-for-like property portfolio valuation increase between 31 December 2017 and 31 December 2018 is expected to be in excess of 4.5%.
The Company remains on track to meet its aggregate dividend target of 5.0 pence per share for the year ended 31 December 2018, payable quarterly, of which 3.75 pence per share has been paid for the nine months ended 30 September 2018.
The programme of bringing all facilities management in-house in stages by 1 April 2019 remains on track and bookings for the 2019/20 academic year are progressing in line with expectations. The Board continues to be confident in the outlook for the business.
skinny
- 14 Feb 2019 14:48
- 91 of 91
Trusting!! DIRECTOR/PDMR SHAREHOLDING
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