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DIGS Gcp Student Living Plc

212.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gcp Student Living Plc LSE:DIGS London Ordinary Share GB00B8460Z43 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 212.50 212.50 213.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

GCP Student Living Plc - Acquisition of central Brighton asset

04/08/2017 10:29am

PR Newswire (US)


Gcp Student Living (LSE:DIGS)
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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 £467.0 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.

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