Empiric Student Property has acquired a forward funded development in Glasgow.

The 155 George Street scheme consists of an 89 bed student accommodation project located close to the University of Glasgow.

Empiric has purchased the freehold development comprising of a vacant office building, extending over basement, ground and six upper floors.

A total of 87 self-contained studios and one two bed apartment will be built, increasing the Group's portfolio in Glasgow to 440 beds.

-- Advertisement --

KR Developments is to undertake the projects development and is expected to be on-site from spring 2016.

It is understood the scheme will be delivered for summer 2017.

Paul Hadaway, Chief Executive of Empiric said: "This acquisition complements Empiric's existing student accommodation assets in Glasgow, a city with 53,000 full-time students at five higher education establishments; the third largest student population in the UK outside London.

"Once all properties are complete, Empiric will own 440 operating beds in this Russell Group University city, which will help to drive further operational efficiencies and economies of scale."

(LM/CD)