Empiric Student Property’s chief executive Tim Attlee is leaving the company.
Attlee co-founded and helped float the student accommodation owner-operator in 2014. As its chief investment officer at the time, Attlee oversaw acquisitions and developments.
He became chief executive in November 2018. He will remain in the role until the end of June.
The company’s board has now begun to look for his successor.
Attlee said: “After six very rewarding years, and with the company in a much stronger operational and financial position, now feels like the right time for me to step down and for a new CEO to lead the group.”
Mark Pain, chairman of Empiric Student Property, said: “The board and I are extremely grateful for the significant contribution Tim has made to the business, particularly over the last two years.
“Tim, working closely with Lynne [Fennah, chief financial and operating officer], has transformed the group into a fully integrated operational property business. This work is now largely complete.
“We are now turning our attention to embedding the changes we have made to the business, driving further improvements to the financial and operational performance of the group and delivering sustainable benefits to the company’s shareholders, customers and wider stakeholders in 2020 and over the longer term.”
The news comes as the company posts a solid financial performance for the year ending December.
EPRA NAV per share was up 4% to 110.2p, compared with the previous year.
Portfolio value grew to £1bn, up 6% on the previous year. It had emerged in August last year that the company had passed the £1bn milestone.
Profit before tax surged by 36% to £54.8m, while revenue increased by 11% to £70.9m.
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