Empiric buys in Liverpool and Stoke-on-Trent

Kasmira Jefford
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EMPIRIC Student Property said yesterday it has bought the freeholds of a portfolio of seven properties in Liverpool and Stoke-on-Trent for £22.8m as the company continues its buying spree.

The listed student accommodation provider said the portfolio, which comprises of 502 beds, have been acquired from Urban Sleep, which will continue to manage the operation of the properties on behalf of Empiric.

Six of the properties are in Liverpool, which has over 40,000 students, while one is in Stoke-on-Trent. Empiric said the portfolio was already 92 per cent let for the next academic year starting in September is are being acquired with a rent guarantee for the year.

The deal comes less than a month after the company bought a portfolio of five properties in Leicester and Lancaster from CityBlock for £26.5m, as well as another building in Durham for £5m.

In total it has made over nine acquisitions this year in cities including Exeter, Manchester, Newcastle and Leeds.