The UK's newest REIT, GCP Student Living, has acquired the 280-studio Scape Greenwich private student accommodation residence in London for £40.5 mln (almost €50 mln).
The UK's newest REIT, GCP Student Living, has acquired the 280-studio Scape Greenwich private student accommodation residence in London for £40.5 mln (almost €50 mln).
Scape Greenwich is a purpose-built student residence which was delivered in 2013.
It is located within 30 minutes of most of London’s higher education institutions and in close proximity to Ravensbourne College and the University of Greenwich. The residence is currently occupied by students from 32 different education institutions and of 36 different nationalities.
GCP Student Living listed in April 2014, becoming the first quoted UK student housing vehicle for over a decade. It had a market capitalisation of £75 mln ahead of its launch on the London Stock Exchange's Specialist Fund Market and the Channel Island Stock Exchange in May.
The acquisition will be funded by the net proceeds of the share offer and the group's existing cash reserves. Gearing is currently 26% of gross assets.
See the links below for more on investment in student accommodation.
