The investment funds team at Wragge Lawrence Graham & Co (WLG) has helped longstanding client Empiric Student Property plc (Empiric) to raise £86.4m in a heavily oversubscribed fundraising.

The deal is the culmination of a fundraising programme under which Empiric has raised £312m over the last 12 months. Empiric will use the funds to continue to invest in its pipeline of high quality, purpose-built student accommodation assets.

Partner John Reed led on the deal, with support from associate Emily Troubridge.

John said: “Empiric has a very strong investment pipeline of both operating properties and properties under development. As well as expanding its property portfolio, the company is also developing a proprietary marketing platform and consumer facing brand. We look forward to continuing our relationship with Empiric at this exciting stage in its development.”

Empiric is an internally managed real estate investment trust (REIT) investing in modern, direct-let, premium student accommodation, both standing and development assets, with a focus on quality and with assets generally in prime central locations in top university cities and towns in the UK.

WLG has worked with Empiric on numerous transactions over the last 12 months, including its£85m admission to the UKLA Official List and trading on LSE’s Main Market, a £65.5m secondary fundraising, a £85m equity fundraising and Empiric’s first corporate acquisition.

The Investments Funds team is a leading practice with a particularly strong reputation for closed ended listed funds, advising issuers, investment management houses and the investment banks and brokers that advise them. In 2015 it has acted on over half of the IPOs and significant secondary issues for listed investment companies including acting for Winterflood on the largest deal of the year, the £800 million IPO of Woodford Patient Capital.

From mid-January 2016, WLG will be known as Gowling WLG . The combination of WLG and leading Canadian firm Gowlings, confirmed in July, will create a top 100 global law firm with over 1,400 legal professionals in 18 cities worldwide.