GCP Student Living PLC Investment Manager Change of Control (5152H)
December 04 2020 - 1:00AM
UK Regulatory
TIDMDIGS
RNS Number : 5152H
GCP Student Living PLC
04 December 2020
GCP Student Living plc
("GCP Student" or the "Company", together with its subsidiaries
the "Group")
LEI: 2138004J4ID66FK38H25
Investment Manager change of control
4 December 2020
GCP Student, the UK's first REIT focused on student residential
assets, notes the press release this morning by its Investment
Manager, Gravis Capital Management Limited ("Gravis"), that Gravis
has entered into a strategic partnership with ORIX Corporation
("ORIX") whereby ORIX will acquire a 70% equity stake in the Gravis
business*.
ORIX is a diversified financial services group. Its asset
management operation has grown significantly over recent years and
the partnership with Gravis will allow it to expand into the UK
infrastructure, debt, renewable energy and property sectors.
The board of the Company has been in active discussions with
both ORIX and Gravis in relation to this transaction. It is
reassured that there will be no changes to the team currently
providing services to the Company and that service levels will be
uninterrupted by the transaction. It sees as a positive that Gravis
will remain independently-managed and will operate under its
current brand whilst ORIX's global presence will, over the longer
term, provide Gravis's management team with additional experience,
expertise and access in areas such as asset sourcing, financing and
potential new investors.
* The transaction is subject to regulatory approvals and
customary conditions to closing.
For further information please contact:
Gravis Capital Management Limited +44 020 3405 8500
Nick Barker
Dion Di Miceli
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. At 30 September 2020, its property
portfolio was valued at GBP1.01 billion.
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END
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