After announcing that it had terminated its CEO, Empiric Student Property Plc is considering selling its entire portfolio, valued at about £820 million, Property Week reported, citing an unnamed company insider.
The source was quoted by the publication as saying that the decision to end Paul Hadaway's term was made after the group's recent poor showing, and the sale of many or all of its assets could be the next likely step.
U.S.-based Greystar, a joint venture between Global Student Accommodation and Singaporean sovereign wealth fund GIC, and Canada Pension Plan Investment Board were named as potential buyers for the company, the publication noted, along with Europe's AXA and Unite Group Plc.
According to the Dec. 14 report, Empiric's portfolio is 92% leased, comprising 7,841 beds across 84 assets and expected to deliver £66.8 million rent for the 2017-2018 academic year.
A further 614 beds are expected to be added for the 2018-2019 academic year, with 731 more to become operational in the coming years, the report noted.
