Empiric Student Property Raises £56.1 Million for New Acquisitions and Refurbishments

2 min read | October 17, 2024 04:26 AM PDT | By Team Kalkine Media

Empiric Student Property Raises £56.1 Million for New Acquisitions and Refurbishments — Image source: Shutterstock

Focus on Growth and Refurbishment

The share offering, first announced on Wednesday, is intended to support the company’s strategy of investing in accretive opportunities and upgrading student accommodations. Chief Executive Duncan Garrood emphasized that this initiative would help drive operational margins and create long-term shareholder value. With a focus on acquiring properties near top-tier universities and refurbishing postgraduate accommodations, Empiric aims to enhance its portfolio and deliver stable, long-term returns.

Institutional Support and Market Response

Jefferies and Peel Hunt acted as book runners for the offering, and institutional investors and company directors were among those who participated in the placement. Despite the positive outlook, Empiric’s shares dipped 2% to 95p following the announcement, indicating a cautious market response to the share dilution. However, Garrood remains optimistic about the opportunities ahead, highlighting the company's commitment to creating high-quality, modern student living environments.

This capital raise is a strategic move by Empiric to strengthen its portfolio and enhance its offering in the competitive student housing market.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.