GCP Student Living has announced the results of its placing, which it says was substantially oversubscribed. As a result of the placing, which raised raise gross proceeds of £23m, the company is issuing 16,428,572 ‘placing shares’ at 140p per share. The company says that, following the issue of the placing shares, the 2016 placing programme will be substantially exhausted and it is therefore the Directors’ current intention to seek shareholder authority to facilitate the implementation of a new share issuance programme to replace the 2016 placing programme in Q1 2017. The company says that, following Admission, the Company will have 278,223,587 ordinary shares in issue.
About GCP Student Living
GCP Student Living is the first student accommodation REIT in the UK. The Company targets a 5.5% annualised income yield growing in line with inflation, alongside a total return of between 8% and 10%. The company invests in modern purpose built private student accommodation and teaching facilities which it says are contracted to a diversified portfolio of direct let tenants and Higher Education Institutions. GCP Student Living invests in properties located primarily in and around London where the Investment Manager believes the Company is likely to benefit from supply and demand imbalances and a growing number of international students.
GCP raises £23m from oversubscribed placing and plans new placing programme for 2017 : DIGS