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.
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For further information, please contact:
| Gravis Capital Management Ltd |
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+44 20 3405 8500 |
| Tom Ward |
tom.ward@gcpuk.com |
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| Nick Barker |
nick.barker@gcpuk.com |
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| Dion Di Miceli |
dion.dimiceli@gcpuk.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 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.