The capital was raised after 59,686,950 new shares were offered to the market, representing 9.9% of the strategy.

The company’s existing issued ordinary share capital was placed at a share price of 93p, raising £55.5m. Certain directors of the company also participated at this price.

In addition to these ‘placing shares’, 663,714 new ordinary shares - or ‘offer shares’ were placed on the market raising £600,000.

Jefferies International and Peel Hunt helped coordinate this fundraise.

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The fundraise was only announced on 16th October 2024 with the aim of generating additional capital to maintain “balance sheet strength” and support future PBSA development.

Following completion of the fundraise, proceeds will be used to acquire “operational PBSA assets” and to fund refurbishment works.

"We would like to thank shareholders for their continued support. This placing will allow the business to grow, drive operational margins and create long-term shareholder value,” said Duncan Garrood, CEO of Empiric.

“There is a fantastic opportunity now ahead of us. We will remain focused on doing what we do best; creating high quality, modern student accommodation serving top-tier universities, incrementally driving value to generate stable, long-term returns for our shareholders.”