CORRECT (Nov 7): GCP Student Net Asset Value Rises Over First Quarter

(Correcting that Marykay Fuller has joined GCP Asset Backed Income Ltd as a non-executive ...

Alliance News 12 November, 2019 | 4:08PM
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(Correcting that Marykay Fuller has joined GCP Asset Backed Income Ltd as a non-executive director and not GCP Student Living as was originally stated.)

(Alliance News) - GCP Student Living PLC said last Thursday its net asset value rose over the first quarter of its financial year, driven by an increase in the value of its portfolio.

As at September 30, GCP Student reported a net asset value of 168.55 pence per share, up 2.8% from 165.52p as at June 30.

Over the quarter, the value of GCP's portfolio increased on a like-for-like basis by 2.5% to GBP962.2 million from GBP921.6 million at the end of June.

As at September 30, the portfolio comprised 11 assets and 4,100 beds, including one asset that is expected to complete construction in the 2020-21 academic year.

GCP's operational portfolio is fully occupied for the 2019-20 academic year, with student rental growth of 4.4% year-on-year.

GCP declared a quarterly dividend of 1.57 pence per share.

In a separate announcement on Thursday, GCP Asset Backed Income Ltd, an affiliated firm, said it appointed Marykay Fuller as non-executive director with immediate effect.

Fuller is currently a non-executive director of the UK Civil Aviation Authority, and was formerly a partner at audit firm KPMG.

Shares in GCP Student Living were up 0.2% at 179.00 pence on Tuesday afternoon in London. GCP Asset Backed shares were 0.5% lower at 108.50p apiece.

By Dayo Laniyan;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
GCP Asset Backed Income 87.00 GBX -1.47 -
GCP Student Living Ord 125.20 GBX 1.46 -

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