GCP Student, the UK REIT focused on student residential assets, has rasied £77m from an over-subscribed placing.
It had targeted proceeds of £75m but was boosted by an application in respect of £50m of gross proceeds from APG Asset Management in its capacity as the discretionary manager of various pension funds.
A total of 41,365,400 shares will be issued at a price of 186.00 pence per placing share, representing a premium of 10.4% to the company’s prevailing EPRA net asset value (NAV) of 168.55 pence per ordinary share.
The company said it intends to use the net proceeds of the placing to partly fund the acquisition of a new London student asset, Scape Canalside, and to maintain conservative borrowing level. If GCP Student does not acquire Scape Canalside it will use the proceeds to repay its re-drawable credit facility and fund the completion of construction of its Scape Brighton asset.
DIGS : GCP Student raises £77m from placing