Empiric Student acquires Glasgow site

13th Nov 2015 16:10

(ShareCast News) - Real estate investment trust Empiric Student has completed the acquisition of a forward-funded development programme in Glasgow for £9.6m.The London-listed company said the programme, known as 155 George Street, consists of a vacant office building extending over basement ground and six upper floors.The site, located close to the University of Glasgow, is set to be developed to into 87 self-contained studios and one two-bed apartment, Empiric said, adding it expects the development to be completed ahead of the start of the 2017-18 academic year."Once all properties are complete, Empiric will own 440 operating beds in this Russell Group University city, which will help to drive further operational efficiencies and economies of scale,"said chief executive Paul Hadaway said in a statement."This acquisition is in line with Empiric's investment criteria and returns profile."Empiric shares were down 0.40% to 109.57p at 1610 GMT on Friday.