GCP Student Living Acquisition of central Brighton asset

 
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                              [phone] 
 
Tom Ward                        [e-mail] 
 
Nick Barker                     [e-mail] 
 
Dion Di Miceli                  [e-mail] 
 
Stifel Nicolaus Europe Limited                             [phone] 
 
Neil Winward                    [e-mail] 
 
Mark Young                      [e-mail] 
 
Tom Yeadon                      [e-mail] 
 
Buchanan                                                   [phone] 
 
Charles Ryland                  [e-mail] 
 
Vicky Hayns                     [e-mail] 
 
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 
 

(END) Dow Jones Newswires

August 04, 2017 05:30 ET (09:30 GMT)