GCP Student Living plc (the "Company" or "Group")

Dividend Declaration and Net Asset Valuation

The Board of the Company is pleased to announce a third interim dividend of
1.40 pence per ordinary share, in respect of the quarter ended 31 March 2015.
The third interim dividend will be paid on 5 June 2015 to shareholders on the
register as at 8 May 2015. The dividend will be paid as 1.18 pence per ordinary
share as a REIT property income distribution ("PID") in respect of the Group's
tax exempt property rental business and 0.22 pence per ordinary share as an
ordinary UK dividend ("non-PID").

As at close of business on 31 March 2015, the un-audited EPRA net asset value
per ordinary share of the Company was 119.19 pence. The EPRA net asset value
includes income for the period (and does not include a provision for an accrued
dividend for the quarter to 31 March 2015).

As at 31 March 2015, the valuation of the Company's portfolio was
£169.9 million.

To manage adverse effects of interest rate movements on cash flow and
dividends, the Company has hedged its interest rate exposure into fixed rate
exposure through an interest rate swap pursuant to which its lender has fixed
the LIBOR element of the interest rate payable on half of the Group's debt
facility at 1.44%. Accordingly, taking into account the un-audited fair value
mark-to-market valuation of this financial derivative instrument based on
current gilt rates, the EPRA net asset value adjusted to reflect the cost of
fixed rate debt is 118.92 pence per ordinary share.

The Company's factsheet for the quarter ended 31 March 2015 is available for
review on the Company's website: http://www.gcpuk.com/gcp-student-living-plc

24 April 2015


For further information please contact:

Gravis Capital Partners LLP
Tom Ward             tom.ward@gcpuk.com           020 7518 1496

Cenkos Securities plc
Dion Di Miceli       ddimiceli@cenkos.com         020 7397 1921
Tom Scrivens         tscrivens@cenkos.com         020 7397 1915

Buchanan
Charles Ryland       charlesr@buchanan.uk.com     020 7466 5000
Sophie McNulty       sophiem@buchanan.uk.com


About GCP Student Living plc

The Company was the first student accommodation REIT in the UK. The Company
invests in modern, purpose-built, private student residential accommodation and
teaching facilities. Facilities will be located primarily in and around London
where the Investment Manager believes the Company is likely to benefit from
supply and demand imbalances for student residential accommodation.

The Company's first asset, Scape East, is located directly opposite Queen Mary,
University of London, one of London's leading universities with c.17,000
students and Russell Group status. International students will be a specific
target as they are the growth engine of UK Higher Education sector,
particularly in London.

The Company's second asset, The Pad, is a private student accommodation
residence located adjacent to Royal Holloway, University of London, in Surrey.
Royal Holloway is ranked in 5th place in the world (1st in the UK) in the Times
Higher Education World University Rankings category of 'International Outlook',
recognising it as a global university. It is home to more than 9,000 students
from over 100 countries.

The Company's third asset, Scape Greenwich, is a purpose-built, private student
accommodation residence located in a prime London student residential location
within 30 minutes of c.75% of London's Higher Education Institutions ("HEIs")
and in close proximity to Ravensbourne College, a leading specialist digital
media HEI, and the University of Greenwich.

The Company's assets are primarily occupied by international students and offer
new high specification facilities and hotel-level concierge type services which
are attractive to overseas students.

The Company will only acquire properties once they are completed and generating
income.