GCP Student Living has announced the results of its ‘oversubscribed issue’. The Board says that it has received applications from investors substantially exceeding the target gross proceeds (in excess of £60m) and, in light of the available investment opportunity in a prime central London location, it has resolved to accept applications in respect of 57,545,195 Issue Shares at 140.0 pence per Issue Share, raising gross proceeds of £80.6 million for the Company. The board says that it is currently intended that the net proceeds of the Issue will be used to acquire this asset. The company says that it expects that Admission to the LSE will take effect at 8.00 a.m. (London time) on 24 February 2017 and that, immediately following Admission, the Company will have 335,768,782 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 Student Living raises £80.6m from oversubscribed issue : DIGS