Empiric plans £150m share issue

Empiric Student Property is to raise £150m through a share issue to fund its investment strategy. The student accommodation developer will issue up to 137,614,678 shares at 109p per share, which represents a 2.6% discount to the closing price on 26 June. Proceeds from the issue will be used for the company’s pipeline of developments, which it said will total about 3,500 beds. Empiric is in advanced exclusive negotiations to buy a portfolio of five assets in London with 1,000 beds in total for £112m. Results of the issue will be announced on 20 July, but it will be conditional on approval at the company’s general meeting on 21 July. Jefferies is acting as sole global coordinator and bookrunner for the process. To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @ktomusk or @estatesgazette