Empiric Student Property has agreed a forward-funding deal for Europe House in Portsmouth, a 242-bed student accommodation redevelopment.
The group has acquired the 199-year lease for the site and has simultaneously entered into a development agreement to forward-fund the scheme. It plans a total investment of £21.25m.
The property previously comprised a 12-storey office block. Stuart Properties will be responsible for the development.
The scheme is expected to complete in summer 2017, in time for the 2017-18 academic year.
To send feedback, e-mail alex.peace@estatesgazette.com or tweet @EGAlexPeace or @estatesgazette
