GCP Student Living funding another building for Queen Mary – GCP Student Living says that its operational property portfolio is now fully occupied with respect to the 2017/18 academic year. The average rental growth as compared with the 2016/17 academic year is 4.1%.
New building for Queen Mary University
GCP Student Living has entered into a conditional forward purchase agreement to acquire a high specification, purpose-built, private student accommodation residence located immediately adjacent to Queen Mary University of London, and in the same locality as the Group’s existing c.590 bed Scape East asset.
The property is expected to be completed for the 2019/20 academic year providing approximately 410 beds. The property is ideally located for access to Queen Mary University and is positioned to benefit from attractive supply/ demand characteristics for beds in the locality. Queen Mary University of London is a Russell Group Higher Education Institute and home to c.23,100 students, including c.10,300 from outside the UK. The property is within 30 minutes of c.75% of London’s higher education institutes.
Once completed, the portfolio will include c.1,000 beds in the same locality as Queen Mary University. This provides the opportunity to take advantage of operational economies of scale.
They say that the acquisition of properties through future contractual arrangements, including forward purchase agreements, enables the company to secure attractively located assets, in areas with few existing properties and scarce development opportunities, without incurring extensive development risk. The contractual terms also ensure that the assets are designed and developed in-line with their specifications.
DIGS : GCP Student Living funding another building for Queen Mary