This was the group’s first equity raise in seven years with £19.8m deployed in 2024, and a further £20m on track for investment this year.

Empiric has reported “strong operational performance” in the 12-month period which saw revenue increase 4.6% to £84.2m.

The group’s portfolio has also increased in valuation by 1.6% to £1.13bn.

Demand for student accommodation has allowed the group to increase rental yields from its existing assets.

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This was reflected in like-for-like rental growth of 10.5% and 7%, respectively, for the 2023/24 and 2024/25 academic years.

“The business has delivered another year of great progress against its strategic objectives, most pleasingly in respect to our growth agenda,” said Duncan Garrood, CEO at Empiric Student Property PLC.

“[Last year] saw us add three fantastic new sites to the portfolio growing our existing clusters in Bristol, Glasgow and Manchester.

“We also unlocked value from existing sites with planning consent achieved at Victoria Point in Manchester, and have continued to make good progress on our programme of refurbishment, driving enhanced rental growth.”