Empiric Student Property

Empiric Student Property PLC is a UK-based real estate investment trust (REIT) that owns, manages, and develops premium, purpose-built student accommodation. The company was founded in February 2014 by Paul Hadaway and Tim Attlee as London Cornwall Student REIT plc, changing its name to Empiric Student Property plc a month later. It was listed on the London Stock Exchange in June 2014 and became a constituent of the FTSE 250 Index in June 2023.

The company's business model focuses on acquiring, developing, and managing high-quality, modern student housing in prime city-centre locations close to top-tier UK universities. Revenue is generated primarily through rental income from its portfolio of properties. Empiric operates its assets through its proprietary "Hello Student" brand and platform, which was launched in 2016 to unify marketing, management, and maintenance services. The portfolio consists of properties with an average of around 100 beds, often in characterful buildings, fostering a more collegiate feel while using a clustering strategy to achieve economies of scale. The company targets affluent and international students, as well as a growing market of postgraduate and "returner" students (non-first years).

Following its IPO, Empiric expanded its portfolio rapidly but faced challenges related to the costs of establishing its operating platform, leading to a strategic review and management changes. Paul Hadaway stepped down as CEO in 2018, succeeded by Tim Attlee. In June 2020, Duncan Garrood, a seasoned executive with experience at Unilever, Punch Taverns, and Ten Entertainment Group, was appointed CEO to lead an optimisation strategy. Under Garrood's leadership, the company has focused on improving portfolio performance, strengthening the brand, and implementing a clustering strategy which involved divesting non-core assets. On August 14, 2025, it was announced that The Unite Group PLC had reached an agreement on a recommended cash and share offer to acquire Empiric, a deal valuing Empiric at approximately £723 million. The acquisition is expected to be finalized in the second quarter of 2026, with the combined group managing a portfolio of around 75,000 beds.

Keywords: student accommodation, real estate investment trust, REIT, purpose-built student accommodation, PBSA, UK property investment, student housing, Hello Student, university towns, asset management, property development, premium accommodation, student living, real estate portfolio, Duncan Garrood, London Stock Exchange, FTSE 250, returner students, postgraduate accommodation, The Unite Group