CityBlock sells student properties for £26m
Lancaster-based CityBlock has sold five of its student accommodation properties to investment group Empiric Student Property for £26m.CityBlock will continue to manage the sites, in Lancaster and Leicester, on behalf of Empiric.
The Lancaster portfolio comprises three blocks on Penny Street. CityBlock 1 has 30 beds, CityBlock 2 has 77 beds and CityBlock 3 has 100 beds.Paul Hadaway, chief executive of Empiric Student Property, said: "We are very pleased to have acquired this portfolio of five properties in Lancaster and Leicester, creating a very well-located, attractive and highly specified portfolio in two new top university cities for the group.
"These highly desirable properties fit Emperic's portfolio perfectly and we are extremely pleased that CityBlock will continue to manage and operate the properties." CityBlock CEO Trevor Bargh added: "We are delighted to have found an excellent collaboration partner in Empiric and we look forward to working with them to secure our own growth objectives in this exciting sector."