GCP Student Living plc
(the “Company” or “GCP Student”,
together with its subsidiaries the “Group”)
LEI: 2138004J4ID66FK38H25
New Acquisition
On 15 April 2016, GCP Student, the
UK’s first REIT focused on student residential assets, announced
that it had entered into a conditional forward purchase agreement
to acquire Podium, a high specification, purpose-built, private
student accommodation residence offering c.180 beds. Podium is in
the same locality as the Company’s existing ‘The Pad’ asset,
together providing c.400 beds adjacent to Royal Holloway, University of London.
The Directors are pleased to announce that Podium is now
operational and fully occupied in respect of the 2017/18 academic
year and the contract to acquire it has gone unconditional.
Accordingly, the Company has now completed on the acquisition of
this property.
Podium has been acquired for a purchase price of c.£29 million.
The acquisition has been funded by the Company’s available
resources.
The purchase by the Company of Podium through a future
contractual arrangement has enabled it to secure an asset in
London at an attractive price
relative to acquiring properties which are already operational.
For further information, please contact:
Gravis Capital Management Limited |
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+44 20 3405 8500 |
Tom Ward |
tom.ward@graviscapital.com |
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Nick Barker |
nick.barker@graviscapital.com |
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Dion Di Miceli |
dion.dimiceli@graviscapital.com |
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Stifel Nicolaus Europe Limited |
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+44 20 7710 7600 |
Neil Winward |
neil.winward@stifel.com |
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Mark Young |
mark.young@stifel.com |
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Tom Yeadon |
tom.yeadon@stifel.com |
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Buchanan |
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+44 20 7466 5000 |
Charles Ryland |
charlesr@buchanan.uk.com |
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Vicky Hayns |
victoriah@buchanan.uk.com |
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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 ten assets with
c.3,600 beds which are either currently fully operational or
expected to complete construction / refurbishment over the next two
academic years. At 30 September 2017,
its property portfolio was valued at £672.1 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.