Gowling WLG completes £269 million series of deals for Empiric Student Property

08 April 2016

Gowling WLG has completed five major transactions for Empiric Student Property Plc (Empiric), with an aggregate value of £269 million.

The firm's corporate, real estate finance and real estate teams were all in action for longstanding client Empiric, the owner and operator of premium student accommodation across the UK.

Corporate partner, and Empiric client partner, John Reed led on a new £125 million equity fund raising with support from associate Emily Troubridge.

Cross-firm teams also advised on an £80 million fixed rate loan facility arranged by Cornerstone Real Estate Advisers Europe LLP, a member of the MassMutual Financial Group; and a £40 million fixed rate loan facility with Canada Life.

The former was led by Jon Lent, finance partner, with support from partners John Reed, Elliot Weston (tax) and Reena Patel (real estate). Jon also led on the deal with Canada Life, supported by John Reed and Elliot Weston. Associates Niall Rafferty, Emily Troubridge, Sanjeet Liddar, Shabnum Hussain, Ashley Yarwood, and Khurram Kayani also advised on the loan facilities.

Partners Michael Lacey (corporate), John Reed and Reena Patel worked with Empiric on the £13 million acquisition of a new operational student accommodation asset in Reading. Associates Niall Rafferty, Emily Troubridge, Shabnum Hussain and Tarfa Ahmad were also involved.

The fifth deal, a £11.1 million forward funding transaction to develop a new 115-bed premium student accommodation development in York, was led by Reena Patel. Associate Paul Moran also advised.

John Reed commented: "The scale of activity at Empiric reflects its accelerating growth and its position as an attractive investment opportunity. March was an exceptionally busy month for the company, and we're thrilled to have helped bring all five transactions to a successful close."

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.

Gowling WLG was formed through the combination on 22 February 2016 of Gowlings and Wragge Lawrence Graham & Co. The firm now has more than 1,400 legal professionals across 18 cities worldwide.


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