Revealed in its full year trading update, the PBSA specialist has also declared its portfolio has effectively full occupancy for the third consecutive year. As such, 80% of the group’s income is now contractually secured.

Empiric’s EPRA LTV was 32.5% as of 31 March 2024, with cash and available facilities of £49.3m.

Following a second tranche of refinancing, the weighted average cost of debt stands at 4.6% for Empiric.

The group is confident the next material refinancing is not due until 2028, with the weighted average term-to-maturity of its current debt being 5.3 years.

In terms of Empiric’s portfolio, the group is planning to invest in its current assets.

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This includes planning applications submitted to extend and refurbish its existing site at Victoria Point, Manchester, and ambitions to deliver 50 new PBSA bets at College House, Bristol, which was acquired in February 2024.

The group is continuing to monitor acquisition strategies, with over £30m of assets remaining under offer.

Duncan Garrood, CEO of Empiric, said: “The booking cycle for the new 2024/25 academic year continues to demonstrate the resilience of demand for our high quality PBSA offer, providing confidence in the continued delivery of strong occupancy and rental growth into 2025 and beyond.

“The business is poised for growth. We’re progressing schemes through the planning process and continue to make good process with potential JV discussions.”