GCP STUDENT LIVING PLC
(“GCP Student” or the “Company”, together with its subsidiaries
the “Group”)
LEI: 2138004J4ID66FK38H25
RESULT OF PLACING
On 10 September 2018, GCP Student,
the UK’s first REIT focused on student residential assets,
announced a placing (the "Placing") of new ordinary shares
(the "Placing Shares").
Further to that announcement, the Board is pleased to announce
that it has received applications in respect of 25,512,151 Placing
Shares at 149.50 pence per Placing
Share, raising gross proceeds of £38.1 million for the Company.
On 25 July 2018, the Company
entered into a conditional contract to acquire and forward fund the
construction of Scape Brighton. It is currently intended the net
proceeds of the Placing, together with the Company’s existing
and/or new borrowing facilities, will be used to fund the
development of Scape Brighton whilst ensuring its gearing remains
at a conservative level.
Application has been made for all of the Placing Shares to be
admitted to the premium segment of the Official List of the UK
Listing Authority and to trading on the London Stock Exchange's
main market for listed securities ("Admission"). It is
expected that Admission will take effect, and dealings in the
Placing Shares will commence, at 8.00
a.m. (London time) on
25 September 2018.
Share certificates in respect of the Placing Shares are expected
to be despatched in the week commencing 1
October 2018 or as soon as possible thereafter.
Immediately following Admission, the Company will have
410,576,707 ordinary shares in issue and therefore the total voting
rights in the Company will be 410,576,707. This figure may be used
by shareholders as the denominator for the calculations by which
they may determine whether or not they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
For further information, please contact:
Gravis Capital Management Limited |
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+44 20 3405 8500 |
Tom Ward |
tom.ward@graviscapital.com |
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Nick Barker |
nick.barker@graviscapital.com |
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Dion Di Miceli |
dion.dimiceli@graviscapital.com |
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Stifel Nicolaus Europe Limited |
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+44 20 7710 7600 |
Neil Winward |
neil.winward@stifel.com |
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Tom Yeadon |
tom.yeadon@stifel.com |
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Mark Young |
mark.young@stifel.com |
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Buchanan |
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+44 20 7466 5000 |
Charles Ryland |
charlesr@buchanan.uk.com |
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Henry Wilson |
henryw@buchanan.uk.com |
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About GCP Student
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.