GCP Student Living Acquisition of central Brighton asset
04 August 2017 - 7:30PM
UK Regulatory
TIDMDIGS
GCP Student Living plc
(the "Company" or "GCP Student Living", together with its subsidiaries the
"Group")
LEI: 2138004J4ID66FK38H25
Acquisition of central Brighton asset
The Directors of GCP Student Living, the UK's first REIT focused on student
residential assets, are pleased to announce that, further to the announcement
on 5 July 2017, the contract to acquire and forward fund the construction of
Circus Street, Brighton, has now gone unconditional.
Once construction has completed, the property, which is located in a city
centre location in Brighton, will primarily serve the University of Sussex, a
UK top 20 university, and Brighton University, which together have c.36,000
students, including c.6,100 international students.
The student accommodation will provide c.450 modern beds ahead of the 2019/20
academic year and will be contracted on a 21 year lease, with upward only
annual uplifts of RPI plus 50bps (capped and collared at 5% and 2%
respectively), to a subsidiary owned and guaranteed by Kaplan UK Limited
("Kaplan"). Kaplan is a global Higher Education Institution with a long term
track record in the provision of educational services.
The acquisition will be funded by available cash resources.
For further information, please contact:
Gravis Capital Management Ltd +44 20 3405 8500
Tom Ward tom.ward@gcpuk.com
Nick Barker nick.barker@gcpuk.com
Dion Di Miceli dion.dimiceli@gcpuk.com
Stifel Nicolaus Europe Limited +44 20 7710 7600
Neil Winward neil.winward@stifel.com
Mark Young mark.young@stifel.com
Tom Yeadon tom.yeadon@stifel.com
Buchanan +44 20 7466 5000
Charles Ryland charlesr@buchanan.uk.com
Vicky Hayns victoriah@buchanan.uk.com
About GCP Student Living
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 Living's property portfolio comprises nine assets with c.3,450 beds
which are either currently fully operational or expected to complete
construction / refurbishment over the next two academic years. At 30 June 2017,
its property portfolio was valued at GBP467.0 million.
The Company's standing properties are mainly 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.
END
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