Further Bath acquisitions for Empiric Student Property
Empiric Student Property has bought three student properties in Bath, with a combined 107 beds, for £9.2m.
Canal Bridge, Widcombe Wharf and Piccadilly Place will be acquired from the developer Iesis Group which will continue to manage the buildings on behalf of Empiric. The properties are fully let for the 2015/16 academic year.
The two companies have previously agreed a deal on a student accommodation development on James Street West.
The latest acquisition takes the total value of property acquired by Empiric from Iesis Group in Bath to £16.9m.
Paul Hadaway, chief executive of Empiric Student Property, said: “”The acquisition of this portfolio is the Group’s third investment in Bath and on completion of Empiric’s two assets currently under development, will result in Empiric owning a total of 354 operating beds in this attractive student city at the start of the 2016/17 academic year.
This acquisition represents an excellent investment opportunity in a city with limited purpose-built student accommodation and restrictive planning for new developments …