GCP Student in takeover talks with consortium including investor APG

(Alliance News) - GCP Student Living PLC on Friday confirmed it has received takeover interest ...

Alliance News 2 July, 2021 | 5:40PM
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(Alliance News) - GCP Student Living PLC on Friday confirmed it has received takeover interest from a consortium comprising Scape Living PLC and iQSA Holdco Ltd, and is in talks with the duo.

GCP, noting recent press reports, said it has received a "series of non-binding proposals" for the firm, other than the shares held by funds managed by APG Asset Management NV, to be funded by the consortium's respective primary shareholders - being funds managed by APG and funds advised by Blackstone Group International Partners LLP.

APG currently holds just over an 11% stake in the student accommodation investor.

"The company remains in discussions with the consortium. However, following discussions with the company's independent valuer, the board is anticipating a material increase in its property valuation for the period to 30 June 2021," it said.

The consortium has until July 30 to either announce a firm offer or walk away, under takeover rules. There can be no certainty that any offer will be made, said GCP Student.

Shares in GCP Student closed up 3.8% at 169.20 pence in London on Friday, giving the firm a market capitalisation of GBP770 million.

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
GCP Student Living Ord 212.00 GBX -0.24 -

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