Gowling WLG advises Empiric Student Property on £40 million matter

08 March 2016

The Real Estate Finance and Investment Funds teams at Gowling WLG, formerly Wragge Lawrence Graham & Co, has advised longstanding client Empiric Student Property plc (Empiric) on a £40 million loan facility.

Empiric has agreed a fixed rate term loan facility of £40 million with Canada Life Investments. The loan will be secured against a portfolio of four forward committed assets on their practical completion, held as a lending group through a wholly owned subsidiary, Empiric Investments (Two) Limited.

Finance partner Jon Lent led on the deal alongside corporate partner John Reed, associate Niall Rafferty in the real estate finance team, and tax partner Elliot Weston.

Jon said: "We're thrilled to have advised Empiric on a further deal. This new additional long term facility will help to support the overall funding structure of Empiric as it continues to grow."

Gowling WLG has worked with Empiric on numerous transactions in recent years, including its acquisition of Ayton House, an £86.4m fundraising, a £41 million acquisition, an £85 million equity fundraising, and various financings with RBS, Santander and Canada Life.

Empiric Student Property plc is a leading provider of modern, direct-let, premium, student accommodation across the UK. Investing in both standing and development assets, the Company focuses on quality, with assets generally in prime central locations in top university cities and towns in the UK, attracting international students and/or those studying beyond first year, in particular, postgraduates.