Empiric Student Property has exchanged on a £6.1m deal to buy a 61-bed, direct let, accommodation scheme in Exeter.
The acquisition will complete on practical completion of the development, expected in August.
The freehold of the site was previously home to the Exeter library, and will be acquired from Burrington Estates, which is managing the construction of the property on behalf of Empiric.
Paul Hadaway, chief executive of Empiric Student Property, said: “This project has an appealing central location and we expect it to generate attractive returns in line with our standard investment parameters, as well as deliver significant operational cost savings through the sharing of resources across the group’s Exeter assets.”
Akur Limited and Jefferies International advised Empiric.
