GCP Student Living PLC Acquisition of Scape Brighton (9875Z)
May 23 2019 - 3:42AM
UK Regulatory
TIDMDIGS
RNS Number : 9875Z
GCP Student Living PLC
23 May 2019
GCP Student Living plc
(the "Company" or "GCP Student", together with its subsidiaries
the "Group")
LEI: 2138004J4ID66FK38H25
Acquisition of Scape Brighton
On 5 February 2019, GCP Student, the UK's first REIT focused on
student residential assets, announced that the contract to acquire
and forward fund Scape Brighton had gone unconditional. The
Directors are pleased to announce that the Company has now
completed the acquisition of Scape Brighton.
Scape Brighton is a large-scale development with planning
consent for the construction of purpose-built private student
accommodation located on the primary campus of the University of
Brighton and less than 10 minutes from the University of Sussex.
Once constructed it will provide c.550 beds and extensive communal
areas with 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 will benefit from licensing fees which
will provide a c.5.5% per annum coupon through the construction
phase.
It is currently expected that the construction of Scape Brighton
will be funded through the Company's development facility.
For further information please contact:
Gravis Capital Management Limited +44 020 3405 8500
Nick Barker
Dion Di Miceli
Stifel Nicolaus Europe Limited +44 020 7710 7600
Neil Winward
Mark Young
Tom Yeadon
Buchanan / Quill +44 020 7466 5000
Helen Tarbet
Henry Wilson
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, including one asset which is expected to complete
construction for the 2019/20 academic year. At 31 March 2019, its
property portfolio was valued at GBP862.0 million.
The Company's standing 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.
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contact rns@lseg.com or visit www.rns.com.
END
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