GCP Student Living has been busy spending the money it raised in its recent C share issue. They have announced the completion of the acquisition of The Pad 2 and exchanged contracts to acquire Scape Shoreditch.
The Pad 2 is located adjacent to Royal Holloway, University of London. The Pad 2 is a purpose-built, private student accommodation residence completed for the 2015/16 academic year with 104 studios and associated communal areas, study spaces and lounge facilities. The building is joined to The Pad, which was completed in September 2013 with 116 studios (and which was acquired by the Company in December 2013), and will share a reception, common grounds and parking spaces.
Royal Holloway is ranked 5th place in the world (1st in the UK) in the Times Higher Education World University Rankings category of ‘International Outlook’ recognising it as a global university. It is home to more than 9,000 students from over 100 countries.
The Pad 2 has been acquired for a purchase price of c.£16.1m and both The Pad 2 and The Pad are fully occupied for the 2015/16 academic year on 51 week lettings.
Scape Shoreditch is a purpose-built, private student accommodation residence completed for the 2015/16 academic year located at a prime London location in Shoreditch.
Scape Shoreditch is within a 15 minute walk to The City University (c.18,000 students) and CASS Business School. The building comprises 541 studio bedrooms and c.10,000 square feet of communal areas including a gym, dance studio, study lounge, games room, cinema, communal kitchen, sun terrace and BBQ terrace. The
building also includes c.49,000 square feet of commercial facilities. An agreement for lease has been entered into for a 15-year fully repairing and insuring lease which it is expected will generate approximately 25 per cent. of
total revenues for Scape Shoreditch after expiry of the tenant’s incentives.
The purchase price for Scape Shoreditch is approximately £166m which may be subject to adjustment depending on contracted rent levels over the course of the 2015/16 academic year. At the date of this announcement Scape Shoreditch was 90% occupied on 51-week lettings.
DIGS : GCP Student Living spending C share money