Empiric Student Property plc has reported strong financial and operational performance for the year ended 31 December 2024, with significant progress in its growth agenda.
The company achieved a 9.3% like-for-like rental growth. Despite a slight dip in occupancy to 97% for the 2024/25 academic year, Empiric maintained a robust balance sheet with a loan-to-value ratio of 27.2% and extended its debt term to 4.7 years.
The company’s strategic focus on premium purpose-built student accommodation (PBSA) and refurbishment projects has driven enhanced rental growth and asset value, positioning it well for future opportunities.
Empiric’s successful equity raise generated £56.1m for deployment into accretive investment and postgraduate refurbishment opportunities. £19.8m was deployed before the year end, with a further £20m on track for investment during 2025.
Three acquisitions completed in top-tier cities, growing existing prime clusters in Bristol, Glasgow and Manchester. Planning consent was secured for the comprehensive redevelopment and expansion of Victoria Point in Manchester, increasing the current provision of beds by 310. On site works is likely to begin in late 2026.
The full refurbishment of Brunswick Apartments in Southampton delivered 173 newly refurbished rooms and amenities, securing 50% rental uplift and 12% IRR – which exceeded targets.
“The business has delivered another year of great progress against its strategic objectives, most pleasingly in respect to our growth agenda. Having successfully concluded the Company’s first equity raise since 2017, our focus remains squarely on its deployment and delivery.
“2024 saw us add three fantastic new sites to the portfolio, growing our existing clusters in Bristol, Glasgow and Manchester.
“We also unlocked value from existing sites with planning consent achieved at Victoria Point in Manchester, and have continued to make good progress on our programme of refurbishment, driving enhanced rental growth.”
Duncan Garrood, Chief Executive Officer, Empiric Student Property plc
