GCP Student Living plc
(“GCP Student” or the “Company”, together with its subsidiaries
the “Group”)
LEI: 2138004J4ID66FK38H25
Net Asset Value, Dividend and
Portfolio Update
Net Asset Value
GCP Student Living, the UK's first REIT focused on student
residential assets, today announces that at close of business on
30 June 2018, the unaudited estimated
EPRA net asset value per ordinary share of the Company was
149.12 pence. The EPRA net
asset value includes income for the period (cum-income) and does
not include a provision for an accrued dividend for the quarter to
30 June 2018.
The EPRA net asset value (ex-income) was 147.61 pence per ordinary share as at that date,
representing a quarterly increase of 1.5%.
Dividend
The Board is pleased to announce a fourth interim dividend of
1.51 pence per ordinary share, in
respect of the quarter ended 30 June
2018. The fourth interim dividend will be paid on
10 September 2018 to ordinary
shareholders on the register at 10 August
2018. The dividend will be paid as 0.94 pence per ordinary share as a REIT property
income distribution ("PID") in respect of the Group's tax exempt
property rental business and 0.57
pence per ordinary share as an ordinary UK dividend
(“non-PID”).
Portfolio Update
At 30 June 2018, the valuation of
the Company’s portfolio was £784.4 million, 94% of which was
located in and around London,
representing a like-for-like increase over the quarter of 1.4%. The
portfolio comprised ten assets with c.3,600 beds. Eight of the
assets are currently operational whilst two of the assets are under
construction/ in refurbishment. The Net Initial Yield on the
operational portfolio was 5.04%.
Scape Bloomsbury continues to be reconfigured and refurbished,
as set out at the time of its acquisition in April 2017. It is on track to re-open in
September 2018, in-line with
forecast.
The Company’s forward-funded asset at Circus Street,
Brighton remains on track for
completion in September 2019. The
property will provide c.450 beds and c.30,000 square feet of office
space. The student accommodation will be contracted on a 21-year
lease, with annual rental uplifts linked to RPI, to a subsidiary
guaranteed by Kaplan, a global education provider.
On 25 July 2018, the Company
entered into a conditional contract to acquire and forward fund
Scape Brighton. Scape Brighton
will provide c.550 beds, extensive communal areas and c.1,500
square feet of retail space. It is currently expected that Scape
Brighton will be operational for the 2020/21 academic year.
The Company also secured a three-year redrawable credit facility
(the “RCF”) with Wells Fargo & Company for an aggregate amount
of up to £45 million.
Additional information on the Company’s portfolio can be found
in the factsheet for the period ended 30
June 2018, which will be published shortly and will be
available at www.gcpstudent.com.
1 August 2018
For further information, please contact:
Gravis Capital Management
Limited
+44 020 3405 8500
Tom
Ward tom.ward@graviscapital.com
Nick
Barker nick.barker@graviscapital.com
Dion Di
Miceli dion.dimiceli@graviscapital.com
Stifel Nicolaus Europe
Limited
+44 020 7710 7600
Neil
Winward neil.winward@stifel.com
Mark
Young mark.young@stifel.com
Tom
Yeadon
tom.yeadon@stifel.com
Buchanan
+44 020 7466 5000
Charles
Ryland charlesr@buchanan.uk.com
Vicky
Watkins victoriaw@buchanan.uk.com
About GCP Student Living
The Company was the first student accommodation REIT in the UK,
investing in modern, purpose-built, private student residential
accommodation and teaching facilities. Its investments are located
primarily in and around London
where the Investment Manager believes the Company is likely to
benefit from supply and demand imbalances for student residential
accommodation.
GCP Student’s property portfolio comprises ten assets with
c.3,600 beds which are either currently fully operational or
expected to complete construction/refurbishment over the next two
academic years. At 30 June 2018, its
property portfolio was valued at £784.4 million.
The Company’s operational properties are predominantly occupied
by international students and offer high specification facilities
and hotel-level concierge type services which the Investment
Manager believes are attractive to overseas students.