Empiric keeps focus on ‘deployment and delivery’
Empiric Student Property said its plan for growth was fruitful in 2024.
The PBSA owner and operator reported a 4.6% increase in revenue in 2024 to £84.2m. It attributed the result to like-for-like rental growth, which reached £9.3m, up from £7m. The company is targeting 5% rental growth for the 2025/26 academic year.
Empiric said it achieved 97% occupancy for the 2024/25 academic year. Although it was slightly below the levels achieved in the previous two academic years, it remained in line with target.
Empiric Student Property said its plan for growth was fruitful in 2024.
The PBSA owner and operator reported a 4.6% increase in revenue in 2024 to £84.2m. It attributed the result to like-for-like rental growth, which reached £9.3m, up from £7m. The company is targeting 5% rental growth for the 2025/26 academic year.
Empiric said it achieved 97% occupancy for the 2024/25 academic year. Although it was slightly below the levels achieved in the previous two academic years, it remained in line with target.
It also saw portfolio values tick up by 1.6% on a like-for-like basis to £1.1bn in 2024.
During the year, the company sold eight residual non-core properties, generating £45.2m. In turn, it added three sites to the portfolio in Bristol, Glasgow and Manchester, deploying £35.1m.
Chief executive Duncan Garrood said: “The business has delivered another year of progress against its strategic objectives, most pleasingly in respect to our growth agenda.
“We also unlocked value from existing sites and have continued to make good progress on our programme of refurbishment, driving enhanced rental growth.”
