Empiric Student Property, UK


Investment Date
Q2 2010

Exit Date
Q1 2017
(Fully Realised)

Asset type
Student accommodation

Revcap strategy
Development in niche investment category

Revcap Fund

Investment Type
Programmatic Joint Venture

Background and Opportunity

  • Then a private company, the JV partner approached Revcap with a business plan to target the development and operation of “business class” student accommodation in Russell Group university cities
  • There was a clear opportunity to apply property skills to identify well located sites for re-development in carefully selected, under-supplied cities with a strong foreign student and postgraduate presence
  • Properties were sourced in Birmingham, Bristol, Cardiff, Edinburgh, Exeter, Glasgow and Southampton comprising over 850 student beds

Transaction Progress

  • The partnership developed out all 7 assets
  • Edinburgh was sold individually to an institutional investor
  • The JV partner floated Empiric on the London Stock Exchange in June 2014 as an internally managed REIT
  • Four of the JV’s developed and completed assets were used as seed investments for the IPO and a further two developments were progressed via a new 50/50 JV with Revcap

Current Status

  • The current market capitalisation of Empiric is over £500m (ticker ESP.L)
  • Empiric bought out Revcap’s 50% stakes in Southampton and Glasgow during 2016 and 2017 respectively
  • Overall the developments have generated an IRR to Revcap of 20%+ and a significant promote was earnt by Empiric and its team


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