Empiric invests in student beds near Scotland's oldest university

UK REIT Empiric Student Property has acquired a 241-bed student accommodation building at St Andrews, home to Scotland's oldest university, for £26 mln (almost €37 mln).

'Ayton House is one of only two purpose-built student accommodation schemes in St Andrews, which continues to suffer from a significant supply and demand imbalance,' said Empiric CEO Paul Hadaway. 'This acquisition is in line with Empiric's investment criteria and returns profile.'

Ayton House, Empiric's first acquisition in St Andrews, was newly completed for the 2015/16 academic year and comprises a mixture of studios and 4 and 5-bed en-suite apartments The property is located in a prominent position in the centre of town within a 10-minute walk of the university.

The property has been acquired with a first-year rental guarantee from the vendor.

The University of St Andrews ranks fourth in the Times Good University Guide 2016 and was named as the best Scottish University. International students account for 40% of the university's total student body of 8,500.