Empiric Student Property has announced that it has acquired the Europa House site in Portsmouth and entered into a forward funding arrangement in relation to developing the site.

The project comprises a 242 bed redevelopment to create a new premium student accommodation scheme, for a total investment of £21.25m.

Paul Hadaway, Chief Executive of Empiric Student Property plc, said: "This property is the Company's second acquisition in Portsmouth.  With a history dating back to 1869, the University of Portsmouth now boasts over 20,000 students on campus, of which over 80% are in full-time study, 16% are postgraduates and 18% come from outside the UK.  We are pleased to enhance our presence in the city and expect to be able to derive operational efficiencies between the two properties, in due course. This acquisition is in line with Empiric's investment criteria."

The existing building is located in central Portsmouth, equidistant between the University of Portsmouth and the Gunwharf Quays shopping and leisure centre. The property was previously offices, comprising a 12 storey office block and a three storey annex, all of which will be converted to student accommodation in the form of studios and two, three and four bed apartments.

The development is expected to be delivered for summer 2017, in time for the 2017/18 academic year.