Empiric buys York student scheme
Empiric Student Property has acquired the freehold of a 220-bed student accommodation scheme in York for £23.3m.
The three-building Foss Studios was completed for the 2015/16 academic year.
The scheme is directly opposite Empiric’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.
Empiric Student Property has acquired the freehold of a 220-bed student accommodation scheme in York for £23.3m.
The three-building Foss Studios was completed for the 2015/16 academic year.
The scheme is directly opposite Empiric’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.
Foss Studios was bought 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 into Empiric Student Property’s Hello Student operating platform at the end of March.
Foss Studios is fully let for the 2016/17 academic year to students from both the University of York and York St John University.
Paul Hadaway, chief executive of Empiric Student Property, said: “Foss Studios is our second investment in York, a city which remains of great interest to us, with a full-time student population of over 23,000 across two universities, with approximately 15% being international and 22% postgraduate.
“The historic and cosmopolitan city of York is regularly ranked one of the most beautiful in Europe and is one of the most accessible cities in the UK. Both universities have active and respected research programmes. This acquisition is in line with Empiric’s investment criteria and returns profile.”
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