STUDENT digs provider Empiric Student Property will hike rents by 3.25 per cent this year, the company said yesterday, as it also revealed its portfolio was valued at £251.3m as of the end of June.
Empiric has been on a spending spree this year, acquiring properties in university towns across the country. Its net asset value per share was calculated at 103.2p, up 5.2 per cent from June 2014.
Empric’s average return on its properties was 6.6 per cent from February 2014 to June 2015.
The company now has 51 assets operational or under development with 4,820 beds in 25 towns and cities. It said that by focussing on mid-sized properties outside of London, which are of less interest to many of its competitors, it was able to secure high quality assets at better than average yields.
“The market outlook is strong as the fundamental market dynamics for student accommodation remain unchanged. As Empiric’s profile grows in the sector boosted by its listed status, it is being presented with a richer and broader pipeline of attractive investment opportunities,” said baroness Brenda Dean, the company’s chairman.