GCP Student Living Net Asset Value, Dividend and Portfolio Update
August 01 2018 - 2:00AM
UK Regulatory
TIDMDIGS
GCP Student Living plc
("GCP Student" or the "Company", together with its subsidiaries the "Group")
LEI: 2138004J4ID66FK38H25
Net Asset Value, Dividend and Portfolio Update
Net Asset Value
GCP Student Living, the UK's first REIT focused on student residential assets,
today announces that at close of business on 30 June 2018, the unaudited
estimated EPRA net asset value per ordinary share of the Company was 149.12
pence. The EPRA net asset value includes income for the period (cum-income)
and does not include a provision for an accrued dividend for the quarter to 30
June 2018.
The EPRA net asset value (ex-income) was 147.61 pence per ordinary share as at
that date, representing a quarterly increase of 1.5%.
Dividend
The Board is pleased to announce a fourth interim dividend of 1.51 pence per
ordinary share, in respect of the quarter ended 30 June 2018. The fourth
interim dividend will be paid on 10 September 2018 to ordinary shareholders on
the register at 10 August 2018. The dividend will be paid as 0.94 pence per
ordinary share as a REIT property income distribution ("PID") in respect of the
Group's tax exempt property rental business and 0.57 pence per ordinary share
as an ordinary UK dividend ("non-PID").
Portfolio Update
At 30 June 2018, the valuation of the Company's portfolio was GBP784.4 million,
94% of which was located in and around London, representing a like-for-like
increase over the quarter of 1.4%. The portfolio comprised ten assets with
c.3,600 beds. Eight of the assets are currently operational whilst two of the
assets are under construction/ in refurbishment. The Net Initial Yield on the
operational portfolio was 5.04%.
Scape Bloomsbury continues to be reconfigured and refurbished, as set out at
the time of its acquisition in April 2017. It is on track to re-open in
September 2018, in-line with forecast.
The Company's forward-funded asset at Circus Street, Brighton remains on track
for completion in September 2019. The property will provide c.450 beds and
c.30,000 square feet of office space. The student accommodation will be
contracted on a 21-year lease, with annual rental uplifts linked to RPI, to a
subsidiary guaranteed by Kaplan, a global education provider.
On 25 July 2018, the Company entered into a conditional contract to acquire and
forward fund Scape Brighton. Scape Brighton will provide c.550 beds, extensive
communal areas and c.1,500 square feet of retail space. It is currently
expected that Scape Brighton will be operational for the 2020/21 academic
year. The Company also secured a three-year redrawable credit facility (the
"RCF") with Wells Fargo & Company for an aggregate amount of up to GBP45 million.
Additional information on the Company's portfolio can be found in the factsheet
for the period ended 30 June 2018, which will be published shortly and will be
available at www.gcpstudent.com.
1 August 2018
For further information, please contact:
Gravis Capital Management Limited +44 020 3405 8500
Tom Ward tom.ward@graviscapital.com
Nick Barker nick.barker@graviscapital.com
Dion Di Miceli dion.dimiceli@graviscapital.com
Stifel Nicolaus Europe Limited +44 020 7710 7600
Neil Winward neil.winward@stifel.com
Mark Young mark.young@stifel.com
Tom Yeadon tom.yeadon@stifel.com
Buchanan +44
020 7466 5000
Charles Ryland charlesr@buchanan.uk.com
Vicky Watkins victoriaw@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'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 June 2018, its property
portfolio was valued at GBP784.4 million.
The Company's operational properties are predominantly 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
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