Empiric seals £8.7m Cardiff deal

Empiric Student Property has paid £8.7m for two Cardiff student properties, Alwyn Court and Northgate House. It bought the two direct-let freehold properties from developer Trafalgar Villa Estates. Alwyn Court, on Salisbury Road, comprises 51 beds and fetched £3.5m. Northgate House comprises 67 beds and cost £5.2m. Both properties come with a 100% rental guarantee for the 2014/15 academic year. Empiric Student Property chief executive Paul Hadaway said: “The acquisitions of Alwyn Court and Northgate House provide the company with further assets in Cardiff, a lively and cosmopolitan city attracting 44,000 students to its numerous higher education institutions, including Cardiff University and Cardiff Metropolitan University. “The group’s Cardiff assets are all in close proximity to these institutions and each other, which will enable us to realise benefits from joint management, boosting the attractive returns we expect to achieve for our shareholders. Both acquisitions are in line with ESP’s investment criteria and returns profile.” chris.berkin@estatesgazette.com