Empiric Student Property has acquired the freehold of three student accommodation properties, two in London and one in Exeter, for £21.5 mln (€24.7 mln).
The London-listed REIT acquired the operational assets, which provide a total of 213 beds, from CBRE Global Investors.
The largest asset, Francis Gardner Hall, West End Lane in West Hampstead, was acquired for £10.6 mln. The property comprises 70 beds, of which 65 are en-suite, arranged in multi-bed apartments and communal facilities including a gym, a cinema room and a games room. Francis Gardner Hall is located not far from tube stations that provide access into central London.
The second London property, Grosvenor Hall, Grosvenor Road, Twickenham, was acquired for almost £6.2 mln. It is a direct-let student accommodation property with 72 beds across one studio and 71 bedrooms arranged in multi-bed apartments plus management offices, tenant facilities and parking which is let to students.
Empiric purchased Isca Lofts in Exeter for £4.7 mln. The direct-let student accommodation property offers five studios and 66 en-suite bedrooms, plus management offices, onsite laundry and storage facilities. The building is a 12-minute walk to the University of Exeter campus.
