GCP Student Living To Raise Up To GBP75 Million Through Placing

(Alliance News) - GCP Student Living PLC said Thursday it intends to raise up to GBP75 million ...

Alliance News 19 December, 2019 | 12:15PM
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(Alliance News) - GCP Student Living PLC said Thursday it intends to raise up to GBP75 million through a placing, following specific market demand from pension funds manager APG Asset Management NV.

The student accommodation-focused real estate investment trust said APG has indicated that it will subscribe for a minimum of GBP50 million, at a placing price of 186.00 pence per share, reflecting a discount of 6.3% to GCP's closing price on Wednesday of 198.40p.

Shares in GCP Student Living - which is headquartered in Exeter - were down 4.4% at 189.60 pence on Thursday in London.

Proceeds from the placing will go towards partially funding the acquisition of Scape Mile End Canalside, and for GCP Student Living to maintain conservative borrowing levels, including the repayment of its redrawable credit facility.

In September, GCP Student said it had a future contractual arrangement to acquire Scape Canalside, a new-build 412 bed asset located adjacent to Queen Mary University of London.

The placing, which is not being underwritten, is expected to close on 1300 GMT on Friday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
GCP Student Living Ord 124.20 GBX 0.16 -

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