REPEAT & CORRECT (17/09): GCP Student Living Performing Well Since IPO

(An item published September 17 at 1154 BST incorrectly gave figures for the previous year when ...

Alliance News 24 September, 2014 | 10:42AM
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(An item published September 17 at 1154 BST incorrectly gave figures for the previous year when the company did not provide any figures. The correct version follows.)

LONDON (Alliance News) - GCP Student Living PLC, which launched an initial public offering in May 2013, said it has performed strongly since its launch, with full occupancy achieved across its portfolio.

The real estate investment trust posted pretax profit of GBP7.7 million for the period since incorporation on February 26, 2013 to June 30, as it recorded revenue of GBP9.1 million.

GCP said its net assets have grown significantly over the period since its IPO with the acquisition of student residence sites The Pad and Scape Greenwich. Its net assets have risen to GBP112.9 million from GBP70.1 million at the time of the IPO.

At an operating level, GCP said its portfolio was completely occupied for the 2013/14 academic year, all on 51 week tenancies. At present, Scape East, Scape Greenwich and The Pad are fully occupied for the 2014/15 academic year.

Looking ahead, the company said student numbers in the UK remain "robust", with total placed applications for the 2013/14 academic year up 6% on the previous year. In addition, student applications for the forthcoming 2014/15 academic year were up 4% on the previous year, with European Union student numbers up almost 5% and non-European Union students up over 8%, "indicating an increase in potential demand for the company's stock of accommodation."

It said the supply and demand imbalance in and around London is expected to continue, with limited new stock coming on stream and an increasing number of domestic and in particular international students forecast for the forthcoming academic year.

GCP said its investment manager will continue to review and source additional opportunities in line with its investment policy and currently expects to make further investments in 2015.

The company paid 6.10 pence in dividends for the year. All dividends were made as property income distributions in respect of the group's tax exempt property rental business.

GCP Student Living shares were quoted up 0.3% at 107.61 pence per share Wednesday morning.

By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
GCP Student Living Ord 141.25 GBX 0.00 -
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