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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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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