UK student accommodation investor Empiric Student Property has acquired the land and entered a forward-funding agreement for a 166-bed student housing scheme in Edinburgh for €29 mln with developer Peveril Securites.
The redevelopment will involve the demolition of existing buildings on the site, located opposite Edinburgh castle, as well as the construction of new purpose-built student accommodation, comprising an all-studio bed scheme with communal facilities.
The property is one component of a wider mixed-use development being constructed by Peveril, comprising a hotel and 52 residential units. Practical completion of the property is expected in time for the 2019/20 academic year.
'We are very pleased to have made this acquisition in the heart of Edinburgh’s Old Town,' commented Paul Hadaway, chief executive of Empiric Student Property. 'The city contains 49,705 full-time students (latest available HESA data 2015/16) and the University of Edinburgh attracts 38% of its full-time students from international backgrounds. This is a very well-regarded institution benefitting from a particularly strong ratio of 10.5 undergraduate applications to acceptances (6.6 nationally). This acquisition is in line with Empiric’s investment criteria and returns profile.'
Empiric said it would be responsible for the marketing and letting of the scheme through its Hello Student operating platform, launching a show flat in November 2018. The property will be Empiric’s second in Edinburgh, bringing the total size of the company's portfolio in the city to 254 beds.
