Wragge Lawrence Graham & Co advise on £41m student property deal
A CROSS-FIRM team of lawyers from Wragge Lawrence Graham & Co has advised student accommodation firm, Empiric Student Property, on its first corporate acquisition, worth £41.6m.
The deal, which is also Empiric’s largest portfolio transaction to date, has seen it acquire the freeholds on seven operational, direct-let, premium student properties – comprising a total of 502 rooms – from Urban Sleep.
The freeholds, in Liverpool and Stoke-on-Trent, were acquired for a cash value of £22.8m. Empiric has also assumed responsibility for the £18.8m existing debt on the properties.
Client partner John Reed, said: “We were able to field a cross-firm team from various disciplines to ensure Empiric’s first corporate acquisition of properties was executed smoothly and efficiently.
“Having worked with Empiric since its inception, we’re thrilled to continue to support its growth.”
The Wragge Lawrence Graham & Co team was led by corporate partners Michael Lacey and John Reed and also included associate Emily Troubridge; finance partner Jon Lent and associate Niall Rafferty; and tax partner Elliot Weston and associate Khurram Kayani.
The firm’s Real Estate practice was centrally involved with the deal, including partner Reena Patel, principal associates Shabnum Hussain, Sarah Williams and Duncan MacLaurin and paralegal Fabiano Iesini. Philip Baker, partner, provided construction advice while Spencer Allen, associate, advised on planning issues.
Empiric is an internally managed real estate investment trust investing in premium, student accommodation properties in prime central locations in the UK.
Wragge Lawrence Graham & Co has previously advised Empiric on its £85m admission to the UKLA Official List and trading on the London Stock Exchange’s Main Market in June 2014, as well as its £65m fund raising in November 2014 and an £85m fund raising in March 2015.
Urban Sleep was advised by Brabners.
