Empiric Student Living has completed the acquisition of Edge Apartments, an £8.9m purpose-built student accommodation block in Selly Oak, Birmingham.
The 77-bed property includes a cinema, games room and work rooms. The ground-floor retail is let to Sainsbury’s on a 15-year lease and a coffee shop.
The rooms are 100% let for the 2014/15 academic year.
Following the acquisition, Empiric has now acquired all of the four properties it highlighted in its IPO prospectus in June for a combined £40m.
The vendor was Prime Student Housing Birmingham, a joint venture between London Cornwall Property Partners (a company controlled by Paul Hadaway and Timothy Attlee, executive directors of ESP) and Revcap Advisors, which developed the property.
Paul Hadaway, chief executive of Empiric, said: “A number of additional properties are currently under negotiation and we look forward to announcing such additional acquisitions in due course.”
sophia.furber@estatesgazette.com
