Double Cardiff acquisition for ESP
Student property investor Empiric Student Property (ESP) has acquired two schemes in Cardiff.
ESP purchased the freehold on the developments at Alwyn Court and Northgate House from Trafalgar Villa Estates for a combined total of almost £9m.
Alwyn Court on Salisbury Road opened in 2012 and comprises 51 student beds. It was bought for £3.5m. Northgate House, which was sold for £5.2m, is still under construction and is expected to be completed in January 2015.
Paul Hadaway, chief executive of ESP, said: "The acquisitions of Alwyn Court and Northgate House provide the company with further assets in Cardiff, a lively and cosmopolitan city attracting some 44,000 students to its numerous higher education institutions including Cardiff University and Cardiff Metropolitan University.
"The group's Cardiff assets are all in close proximity to these institutions and each other, which will enable the company to realise benefits from joint management, boosting the already attractive returns we expect to achieve for our shareholders."