Wragge Lawrence Graham & Co's Investment Funds team has advised Empiric Student Property Plc (Empiric) on an £85 million fund raising, exceeding its target of approximately £75 million.

The deal marked the second tranche offering under Empiric's £300 million share issuance programme launched in October last year.

Investment funds partner John Reed led on the deal with support from associate Emily Troubridge.

John Reed said: "Empiric is an ambitious company and is fast becoming a major player in the UK student accommodation sector, with this raising taking it to over £200 million in terms of market capitalisation. We look forward to supporting its continued growth."

Empiric will use the £85 million proceeds to acquire, or fund the development of, high quality, purpose-built student accommodation assets.

Wragge Lawrence Graham & Co's 60-strong Corporate team has extensive experience across the full spectrum of corporate advice, including equity capital markets on AIM and the Full List, investment funds, private equity and both public and private mergers and acquisitions.

The firm has worked with Empiric since its inception, previously advising on its £85 million admission to the UKLA Official List and trading on the London Stock Exchange's Main Market in June 2014, as well as its £65 million raising under in November 2014.