NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO
    CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OF
    AMERICA OR TO US PERSONS.

    This announcement is an advertisement and does not constitute a prospectus or
    offering memorandum or an offer in respect of any securities. Neither the issue
    of this announcement nor any part of its contents constitutes an offer to sell
    or invitation to purchase any securities of the Company. Investors should not
    subscribe for or purchase any transferable securities referred to in this
    announcement except on the basis of information in the Prospectus published by
    the Company today in connection with the proposed admission of the C Shares to
    trading on the London Stock Exchange (Specialist Fund Market).

    GCP Student Living plc

    Publication of Prospectus

    GCP Student Living plc (the "Company"), which was the first listed real-estate
    investment trust ("REIT") in the UK student accommodation sector, announces
    that, further to the Company's update on 27 April 2015 in relation to an open
    offer, placing and offer for subscription (the "Issue") of convertible
    preference shares ("C Shares") targeting gross proceeds of approximately £95
    million (with maximum gross proceeds of approximately £130 million), the
    Company has today published a prospectus with details of the Issue.

    54,955,214 C Shares will be offered to shareholders on the Company's register
    as at 5.00 p.m. on 28 May 2015 (the "Record Date") through a pre-emptive open
    offer on the basis of one C Share for every two ordinary shares held by
    shareholders as at that date. Shareholders may subscribe for C Shares in excess
    of their basic entitlement through an excess application facility. The balance
    of the C Shares, together with any C Shares not taken up under the open offer
    will be made available, at the discretion of the Directors, under the excess
    application facility or placing and offer for subscription.

    It is envisaged that the Issue will proceed on the basis of the timetable set
    out below.

                                                                                 
    2015

    Record date for the Open Offer                            28 May

    Prospectus publication and Open Offer
    and Offer for Subscription commence                  29 May

    Open Offer closes                                                 23 June

    Placing and Offer for Subscription close               24 June

    Dealings in C Shares commence                          30 June

    The above dates are indicative at this stage and may be subject to change.

    The Prospectus has been approved by the UK Listing Authority.

    The Prospectus has been submitted to the National Storage Mechanism and will
    shortly be available from the website www.morningstar.co.uk/uk/nsm and on the
    Company's website ( www.gcpuk.com/gcp-student-living-plc/investor-relations/
    publications/all).

    Copies of the Prospectus will also be available from Beaufort House, 51 New
    North Road, Exeter EX4 4EP during normal business hours.

    For further information please contact:

    Gravis Capital Partners LLP

    Tom Ward               tom.ward@gcpuk.com            020 7518 1496

    Cenkos Securities plc

    Tom Scrivens          tscrivens@cenkos.com           020 7397 1915

    Dion Di Miceli          ddimiceli@cenkos.com           020 7397 1921

    Buchanan

    Charles Ryland        charlesr@buchanan.uk.com     020 7466 5000

    Sophie McNulty       sophiem@buchanan.uk.com 

    The distribution of this announcement and the Issue in certain jurisdictions
    may be restricted by law. No action has been taken by the Company or Cenkos
    that would permit an offering of the C Shares or possession or distribution of
    this announcement or any other offering or publicity material relating to such
    shares in any jurisdiction where action for that purpose is required.

    Persons into whose possession this announcement comes are required by the
    Company and Cenkos to inform themselves about, and to observe, such
    restrictions.

    The C Shares are being offered and issued outside the United States in reliance
    on Regulation S promulgated under the U.S. Securities Act of 1933, as amended
    (the "U.S. Securities Act"). The C Shares have not been nor will be registered
    under the U.S. Securities Act or with any securities regulatory authority of
    any state or other jurisdiction of the United States and may not be offered or
    sold within the United States. In addition, the Company has not registered and
    will not register under the U.S. Investment Company Act of 1940, as amended.
    The C Shares have not been approved or disapproved by the U.S. Securities and
    Exchange Commission, any state securities commission in the United States or
    any other U.S. regulatory authority, nor have any of the foregoing authorities
    passed upon or endorsed the merits of the offering or the issue of the C Shares
    or the accuracy or adequacy of the Prospectus. Any representation to the
    contrary is a criminal offence in the United States and the re-offer or resale
    of any of the C Shares in the United States may constitute a violation of U.S.
    law.

    Recipients of this announcement are reminded that applications for C Shares may
    be made solely on the basis of the information and opinions contained in the
    Prospectus.

    No representation or warranty, express or implied, is made or given by or on
    behalf of the Company, Cenkos or the Investment Manager or any of their
    respective directors, partners, officers, employees, agents or advisers or any
    other person (whether or not referred to in this announcement) as to the
    accuracy, completeness or fairness of the information contained herein and no
    responsibility or liability is accepted by any of them for any such information
    or opinions.

    No offer or invitation to subscribe for or acquire shares in the Company is
    being made by or in connection with this announcement.

    Cenkos, which is authorised and regulated in the United Kingdom by the
    Financial Conduct Authority, is acting as financial adviser and placing agent
    to the Company in relation to the Issue and Admission and will not be
    responsible to any other person for providing the protections afforded to
    clients of Cenkos or for advising any other person on the contents of this
    announcement or any matter, transaction or arrangement referred to herein.
    FCA-authorised firms conducting designated investment business with retail
    customers under COB Rules are reminded that securities admitted to trading on
    the Specialist Fund Market will be securities that may have characteristics
    such as: (i) variable levels of secondary market liquidity; (ii) sophisticated
    corporate structures; (iii) highly leveraged structures; and (iv) sophisticated
    investment propositions with concentrated risks and are therefore intended for
    institutional, professional and highly knowledgeable investors. The Company and
    its advisers not subject to the COB Rules are responsible for compliance with
    equivalent conduct of business or point of sale rules in the jurisdiction in
    which they are based or in which they are marketing the securities concerned
    (if applicable). Terms used in this announcement shall have the same meanings
    given to them in the Prospectus unless the context otherwise requires.