The Board of Empiric Student Property plc announced that the Group has agreed a new fixed rate term loan facility of £80 million arranged by Cornerstone Real Estate Advisers Europe LLP, a member of the MassMutual Financial Group. The facility is secured against a portfolio of 20 operating assets, held as a lending group through a wholly owned subsidiary, Empiric Investments (Four) Limited. The Facility is available to draw down in full, subject to the fulfillment of certain conditions precedent, until 12 April 2016.

It is repayable 12 years from the date of the initial draw down and has a fixed all in rate of 3.24%, interest only, throughout the term. This rate is fixed up to a loan to value ratio of 55%. An additional committed facility of up to £40 million is available to the Group, to be requested on or before December 07, 2016, subject to meeting certain conditions.