The Board of Empiric Student Property plc announced that the Group has agreed a further fixed rate term loan facility of £40 million with Canada Life Investments ("Canada Life") (the "Canada Life Facility B"), which will be secured against a portfolio of four forward committed assets on their practical completion, held as a lending group through a wholly owned subsidiary, Empiric Investments (Two) Limited. Practical completion of the four properties is expected to occur in time for the start of the 2016/17 academic year. The Canada Life Facility B will be available to draw down in full from 27 July 2016 and is repayable in two £20 million tranches (in March 2024 and July 2031, respectively) and has a fixed all in rate of 3.52%.

throughout the term. The loan agreement prescribes a maximum loan to value ratio of 50%. The amounts drawn down under the Canada Life Facility B will be segregated and non-recourse to the company.

In accordance with the company's investment policy, the company will maintain a conservative level of aggregate borrowings typically of 35% but no more than 40% of the gross asset value of the company (calculated at the time of draw down).