GCP Student Living PLC NAV, dividend and portfolio update (8159B)
February 04 2020 - 1:00AM
UK Regulatory
TIDMDIGS
RNS Number : 8159B
GCP Student Living PLC
04 February 2020
GCP Student Living plc
("GCP Student" or the "Company", together with its subsidiaries
the "Group")
LEI: 2138004J4ID66FK38H25
NAV, dividend and portfolio update
Net Asset Value
GCP Student, the UK's first REIT focused on student residential
assets, today announces that at close of business on 31 December
2019, the unaudited estimated EPRA net asset value per ordinary
share of the Company was 174.71 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 31 December
2019.
The EPRA net asset value (ex-income) was 173.13 pence per
ordinary share as at that date, representing a quarterly increase
of 2.7% and an increase for the calendar year 2019 of 10.7%.
Dividend
The Board is pleased to announce a first interim dividend of
1.58 pence per ordinary share, in respect of the quarter ended 31
December 2019. The dividend will be paid on 9 March 2020 to
ordinary shareholders on the register at 14 February 2020. The
dividend will be paid as 1.42 pence per ordinary share as a REIT
property income distribution ("PID") in respect of the Group's
tax-exempt property rental business and 0.16 pence per ordinary
share as an ordinary UK dividend ("non-PID").
Portfolio and management update
At 31 December 2019, the valuation of the Company's portfolio
was GBP987.3 million, of which 85% was located in and around
London, representing a like-for-like increase over the quarter of
1.9%. At that date the portfolio comprised eleven assets with
c.4,100 beds, including one asset which is expected to complete
construction for the 2020/21 academic year. The Net Initial Yield
on the operational portfolio was 4.42% at that date.
The Company's operational portfolio is fully occupied with
respect to the 2019/20 academic year, with student rental growth of
4.4% year-on-year.
On 23 May 2019, the Company announced that it had completed the
acquisition of Scape Brighton, a large-scale 555-bed development
located on the primary campus of the University of Brighton. The
construction of Scape Brighton remains on-track to become
operational for the 2020/21 academic year. The Company benefits
from licensing fees which provide a 5.5% per annum coupon through
the construction phase.
The Company benefits from a conditional forward purchase
agreement to acquire Scape Mile End Canalside ("Scape Canalside"),
a high-specification, 412-bed, new-build asset located immediately
adjacent to Queen Mary University of London and in the same
locality as the Group's existing 588-bed Scape East asset.
Discussions with the vendor of Scape Canalside are ongoing.
On 27 December 2019, the Company issued 41,365,400 new ordinary
shares at a price of 186.00 pence per share pursuant to a placing,
raising gross proceeds of approximately GBP77 million. It is
currently intended that the net proceeds of the Placing will be
used towards the acquisition of Scape Canalside (if acquired) and
for the purpose of the Company maintaining conservative borrowing
levels, including (should Scape Canalside not be acquired) by
repaying its re-drawable credit facility and funding the completion
of construction of its Scape Brighton asset with equity instead of
drawing on additional debt for those purposes.
Additional information on the Company's portfolio can be found
in the factsheet for the period ended 30 September 2019, which will
be published shortly and will be available at:
www.gcpstudent.com/literature
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
Mark Bloomfield
Mark Young
Alex Miller
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 eleven assets with
c.4,100 beds, including one asset which is expected to complete
construction for the 2020/21 academic year. At 31 December 2019,
its property portfolio was valued at GBP987.3 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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