Empiric Student Property PLC - UK student accommodation operator - Agrees to sell Emily Davies House, located in Southampton, England, to Singapore’s Far East Orchard Ltd for £13.9 million. Says the sale remains conditional on the completion of minor works on or before April 30 next year. Once the sale concludes, Empiric Student says it will have generated a total of £71.5 million from its programme of disposing non-core assets.
Empiric Student Property Chief Executive Officer Duncan Garrood says: ‘The sale of Emily Davies is in line with our non-core disposal programme and releases capital for recycling into our core portfolio refurbishment programme. Against the backdrop of wider macro-economic uncertainty, this sale demonstrates the continued attractiveness and resilience of purpose-built student accommodation.’
Emily Davies is comprised of three-to-four-bedroom apartments with shared bathrooms and kitchens and is currently configured to provide 180 beds. Far East Orchard is part of Singaporean real-estate developer Far East Organization.
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