Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Student property group confident in future

Ayton House in St Andrews.
Ayton House in St Andrews.

Empiric Student Property, the owner and operator of premium student accommodation across the UK, saw its operating profit soar from £12.6m to £30m last year.

Revenues of £21.6m were up from £8.3m and gross annualised rent increased to £33.1m from £18.4m.

Basic net asset value per share rose to 105.4 pence – 2.1% up on a year ago and net of all property acquisition costs.

The total return of the group was 4.6% for the year, compared with -8.29% for the FTSE All Share REIT Index for the same period.

The return was negatively affected by the volatility in the market following the EU referendum which caused the share price to drop, but it has since recovered.

Empiric’s portfolio valuation was £523.9m, more than double the previous year’s  £251.3m

The company added 35 assets (3,879 beds) in 19 towns and cities in the year to June 30, giving a total of 75 assets (7,396 beds) in 29 locations.

The new sites included Ayton House in Abbey Walk, St Andrews, which it bought for £26m in January.

Chairman Baroness Dean of Thornton-le-Fylde said that despite uncertainty over the impact of Brexit, the UK Government remains committed to promoting UK higher education internationally to maintain the world-class reputation of UK universities.

She continued: “With the supply/demand fundamentals of the sector persisting, Empiric continues to be well positioned with our diversified property portfolio delivering further rental growth.

“Investors are also expected to benefit from the potential value to be added from our developments completing, our attractive investment pipeline and through our  operating platform and brand.

 “Empiric has grown substantially and the experience, knowledge and commitment of the whole team, with the support of the board, provides a solid base for the future of the company .”

Already a subscriber? Sign in

[[title]]

[[text]]