GCP Student Living PLC Termination of Forward Purchase Agreement (9609I)
April 07 2020 - 1:00AM
UK Regulatory
TIDMDIGS
RNS Number : 9609I
GCP Student Living PLC
07 April 2020
GCP Student Living plc
("GCP Student" or the "Company", together with its subsidiaries
the "Group")
LEI: 2138004J4ID66FK38H25F
Termination of forward purchase agreement
On 3 October 2017 GCP Student, the UK's first REIT focused on
student residential assets, announced that it had entered into a
conditional forward purchase agreement (the "FPA") 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.
Whilst the Directors continue to assess an investment in Scape
Canalside, the conditions of the FPA have not been satisfied and
therefore the Company's right to acquire the asset under its terms
have now lapsed and the vendor is no longer required to sell the
asset to the Company.
In light of the disruption caused by the Covid-19 pandemic the
Directors continue to assess whether the acquisition on an arm's
length basis of Scape Canalside may be funded whilst maintaining
the Group's conservative borrowing levels, particularly in this
period of uncertainty.
A further announcement will be made in due course.
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 under
construction. At 31 December 2019, its property portfolio was
valued at GBP987.3 million.
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END
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