Wragge advises Empiric Student Property on £65.6m secondary fundraising

Wragge Lawrence Graham & Co has advised real-estate investment trust (REIT) Empiric Student Property on a £65.6m secondary fundraising.

The funds were raised through the placing and offer for subscription of shares at 101p each. The new shares were listed on 24 November 2014.

John Reed, partner and investment funds specialist at Wragge Lawrence Graham & Co, led the team with assistance from corporate solicitor Emily Troubridge.

The proceeds will be used in accordance with Empiric’s investment policy, which is to acquire, or fund the development of, high-end student accommodation assets let on direct tenancy agreements to tenants enrolled with higher-education institutions.

This is one in a series of significant transactions Wragge Lawrence Graham & Co has completed on behalf of Empiric Student Property this year, having advised on its £85m admission to the UKLA Official List and trading on the London Stock Exchange’s Main Market in June.