GCP Student Living Plc - Result of Oversubscribed Issue

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GCP STUDENT LIVING PLC

(the "Company", together with its subsidiaries, the "Group")

RESULT OF OVERSUBSCRIBED ISSUE

On 2 February 2017, the Company announced a placing and offer for subscription of new ordinary shares (the "Issue Shares") seeking to raise gross proceeds in excess of £60 million (the "Initial Issue").

Further to that announcement, the Board is pleased to announce that it has received applications from investors substantially exceeding the target gross proceeds. In light of the available investment opportunity in a prime central London location (the "Target Asset"), the Board has resolved to accept applications in respect of 57,545,195 Issue Shares at 140.0 pence per Issue Share, raising gross proceeds of £80.6 million for the Company.

It is currently intended that the net proceeds of the Initial Issue will be used to acquire the Target Asset.

Application has been made for all of the Issue Shares to be admitted to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities ("Admission"). It is expected that Admission will take effect, and dealings in the Issue Shares will commence, at 8.00 a.m. (London time) on 24 February 2017.

Share certificates in respect of the Issue Shares are expected to be despatched in the week commencing 6 March 2017 or as soon as possible thereafter.

Immediately following Admission, the Company will have 335,768,782 ordinary shares in issue and therefore the total voting rights in the Company will be 335,768,782. This figure may be used by shareholders as the denominator for the calculations by which they may determine whether or not they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Capitalised terms used but not defined in this announcement will have the same meaning as set out in the prospectus published by the Company on 2 February 2017.

For further information, please contact:

Gravis Capital Partners LLP		[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 Watkins	[e-mail]

About GCP Student Living plc

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.

The Group has an estimated total asset value of c.£530 million including six standing assets, providing c.2,000 modern studios and beds, and one forward funded development asset which will provide a further c.580 beds on completion.

The Investment Manager is currently reviewing and conducting due diligence on assets in the Company’s core markets totalling c.2,800 beds and in respect of which c.980 beds in and around London are under future contractual arrangements The Company's standing assets are primarily 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.

Important Information

The content of this announcement has been prepared by, and is the sole responsibility of, GCP Student Living plc.

The information contained in this announcement is given at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment from time to time. Neither the content of the Company's website nor any website accessible by hyperlinks to the Company's website is incorporated in, or forms part of, this announcement.  The distribution of this announcement and any other documentation associated with the Initial Issue and/or the 2017 Placing Programme into jurisdictions other than the United Kingdom may be restricted by law.  Persons into whose possession these documents come should inform themselves about and observe any such restrictions.  Any failure to comply with these restrictions may constitute a violation of the securities laws or regulations of any such jurisdiction.  In particular, such documents should not be distributed, forwarded to or transmitted, directly or indirectly, in whole or in part, in, into or from the United States, Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction where to do so may constitute a violation of the securities laws or regulations of any such jurisdiction.

Stifel Nicolaus Europe Limited, which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Stifel Nicolaus Europe Limited or advice to any other person in relation to the matters contained herein.

None of the Company, Gravis Capital Partners LLP or Stifel Nicolaus Europe Limited, or any of their respective affiliates, accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or for any loss howsoever arising from any use of the announcement or its contents. The Company, Gravis Capital Partners LLP and Stifel Nicolaus Europe Limited, and their respective affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.

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