Empiric Student Property expects rental growth across its portfolio to exceed 6% in the 2024/25 academic year.
In an upbeat trading update, Empiric said it expects its portfolio to be effectively full for a third consecutive year, with 80% of income for the next academic year now secured.
The REIT said discussions are progressing with a proposed joint venture project focused on accommodation for postgraduate students.
Empiric has also submitted planning applications to deliver 200 new PBSA beds at Victoria Point in Manchester as well as 50 new PBSA beds at College House, Bristol, where a retail unit has now been let to a bakery.
Chief executive Duncan Garrood said: “The booking cycle for the new 2024/25 academic year continues to demonstrate the resilience of demand for our high-quality PBSA offer, providing confidence in the continued delivery of strong occupancy and rental growth into 2025 and beyond.
“The business is poised for growth. We’re progressing schemes through the planning process and continue to make good progress with potential jv discussions.”
Empiric operates almost 800 beds across 27 towns and cities in the UK, with a focus on the high-end, studio-led sector. It expects a minimum full-year dividend of 3.5p per share for 2024.
Image © Empiric Student Property
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