GCP Student Living PLC Portfolio Update (5853F)
November 17 2020 - 4:33AM
UK Regulatory
TIDMDIGS
RNS Number : 5853F
GCP Student Living PLC
17 November 2020
GCP Student Living plc
("GCP Student" or the "Company", together with its subsidiaries
the "Group")
LEI: 2138004J4ID66FK38H25
Portfolio update
On 5 November 2020, GCP Student, the UK's first REIT focused on
student residential assets, announced a portfolio update in which
it was noted that the Company's nominations agreement with a
subsidiary of INTO University Partnerships ("INTO") was in arrears
of c.GBP1.9 million at 30 September 2020.
The Company and INTO have agreed to a full settlement of all
arrears , in addition to a va riation to the nominations agreement
between them.
The previous nominations agreement was for 210 beds at the
Group's Scape Mile End asset up until the end of the 2024/2025
academic year. The revised arrangements between the Company and
INTO will be for 105 beds, at a premium rate, up until the end of
the 2020/21 academic year and will include additional parent
company financial guarantees.
From the 2021/22 academic year onwards, the Company will have
the opportunity to rent these beds on a direct let basis to
students. Scape Mile End is adjacent to Queen Mary University, a
constituent of the Russell Group and an education provider to
c.21,000 students.
The Investment Manager and the Board believe that the location
of the asset should support equivalent or improved rents in future
as compared with those achievable pursuant to the nominations
agreement. Further, by renting beds on a direct let basis the
Company will not be subject to the counterparty risk associated
with rental arrears from any single counterparty.
For further information please contact:
Gravis Capital Management Limited +44 020 3405 8500
Nick Barker
Dion Di Miceli
Jefferies International Limited +44 020 7029 8000
Neil Winward
Stuart Klein
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 eleven
assets with c.4,100 beds, including one asset which is under
construction. At 30 September 2020, its property portfolio was
valued at GBP1.01 billion.
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END
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