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GCP Student Living first results ahead of target

GCP Student posts 1.8% fall in NAV

DIGS: GCP Student Living first results ahead of target

GCP Student Living has published its first set of results. These show that it made an annualised total return of 11.5% for the period that ended on 30 June 2014 – ahead of its 8%-10% per annum target. Shareholders got 6.1p in dividends.

The triple net NAV at end of June was 102.68p. The portfolio of student accommodation blocks was valued at £151.6m. The average cost of debt for the fund was 3% at 30 June and they say they have significant headroom on their loan-to-value and interest cover covenants (loan to value at the end of their financial year was 26.7%). Rental growth on the portfolio was 3.3%

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