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.



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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

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.

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.

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."

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.

Trusting!! DIRECTOR/PDMR SHAREHOLDING