Student flats provider Empiric has struck a £26 million deal to buy a 241-bed property in St Andrews.

It marks a further move into the Scottish market following its growing presence in Aberdeen, Edinburgh and Glasgow.

The acquisition of Ayton House, a newly completed “high spec” block, is its first deal in the Fife town. It comprises a mixture of studios and four and five-bed en-suite apartments.

Empiric said it had been acquired with a first-year rental guarantee from the vendor, Threesixty Developments – formerly Knightsbridge Student Housing.

Paul Hadaway, chief executive of Empiric Student Property, said: “Ayton House is a fantastic addition to the Empiric portfolio and marks the company’s first acquisition in St Andrews.”

It is one of only two purpose-built student accommodation schemes in St Andrews, snd Mr Hadaway said the town continues to suffer from a significant supply and demand imbalance.

In March, Empiric raised £85m through a share placing and subscription offer, beating its £75m target. The firm said it would be using the proceeds from the issue to invest in more purpose-built student housing, “further diversifying the company’s property portfolio”.