Empiric Student Property plc

Empiric Student Property plc
Date: June 2014
Deal Size: Development of a new REIT and IPO raising £85m on the London Stock Exchange
About the client: Empiric Student Property plc is an internally managed real estate investment trust (“REIT”) investing in modern, direct-let, premium student accommodation, both standing and development assets, with a focus on quality and with assets in prime central locations in top university cities and towns in the UK.
About the transaction: Akur worked closely with the management team of Empiric for approximately 8 months prior to the IPO, during this period, the investment strategy was developed, the full structuring of the new plc company developed and put in place, the agreements to acquire the initial £40m of seed assets, and the sourcing of key cornerstone investors. This 8 month process was a true “idea to IPO” process, requiring a full development of a functioning plc with an investment rationale attractive to institutional investors.

Following the IPO, Paul Hadaway, CEO commented:
“…the key to the success of this project was the highly differentiated structure and focus of the offering. We spent over six months working closely with Akur to get this right, Akur showed real commitment and belief in the project from day one, and we look forward to moving forward as a listed company with them…”

Lead: Tom Frost
Empiric Student Property plc


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Chris Young…

Chris is focused on listed closed-ended funds, specialising in both equity and debt capital fundraising. He has over 16 years’ experience in both sales and research. With relationships across many of the large institutional investors in the sector, he has worked across IPOs, secondary fundraisings, placings and sales. He began his career in the City as an investment funds analyst at Credit Lyonnais in 1999, and has subsequently held positions at Lazard Panmure Gordon, Arbuthnot Securities, and most recently as a specialist salesman within the investment funds team at Westhouse Securities. He is focused on private and public real estate and REITs, infrastructure and utilities, emerging markets, private equity and alternatives. Tel: +44 (0) 20 3780 8746 Mob: +44 (0) 7471 141 303 Email: cyoung@akur.co.uk