Empiric Student Property has bought five assets from LaSalle Investment Management for £26.7m.
The 464-bed portfolio includes two assets in Leicester, two in Portsmouth and one in Exeter.
The properties were fully let for the 2015/16 academic year and are fully prelet for the 2016/17 academic year. They are currently managed by Campbell Property and will be integrated into Empiric’s Hello Student operating platform.
Paul Hadaway, chief executive of Empiric said: “The acquisition of this portfolio increases our presence in Exeter to approximately 595 beds across seven properties, in Leicester to 560 beds across seven properties, and in Portsmouth to 354 across four properties.
“The purchase of small, complementary portfolios of properties enables us to deploy the group’s capital in a more cost-efficient manner, the benefit of which accrues to our shareholders. This acquisition is in line with Empiric’s investment criteria and returns profile.”
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