QuickView: Full-year results
Empiric (ESP) has spent its first year as a listed company assembling a portfolio of premium, purpose-built student accommodation in university cities across the UK. This has been funded with the money raised at IPO and two further equity raises above NAV totalling £235.7m and £115m of debt. The target dividend of 4p for the first year has been met and the board aims to pay 6p in FY16. Further opportunities for growth abound in a growing and already undersupplied market and ESP has 81.2m shares left available in its share issue programme, which would raise c £90m at the current share price.Empiric Student Property is an internally managed real estate investment trust, investing in and managing purpose-built student accommodation in central locations. Co. invests in, and develops, student accommodation with a focus on prime, city-center locations in university cities and towns around the U.K. Co.'s portfolio of properties provide university student accommodation to customers ranging from first year undergraduates to postgraduates. Co. operates solely in the U.K. and through one segment, investment property. As at Dec 31 2017, Co. had 94 assets in 29 prime U.K. cities and towns.
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