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

Dividend Declaration and Net Asset Valuation

The Board of the Company is pleased to announce a first interim dividend of
1.40 pence per ordinary share, in respect of the financial period 1 July 2014
to 30 September 2014. The first interim dividend will be paid on 5 December 2014
to shareholders on the register as at 7 November 2014. The dividend will
be paid as a REIT property income distribution in respect of the Group's tax
exempt property rental business.

As at close of business on 30 September 2014, the un-audited EPRA net asset
value per ordinary share of the Company was 105.72 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 30 September 2014).

As at 30 September 2014, the valuation of the Company's portfolio was
£154.8 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 105.66 pence per ordinary share.

24 October 2014


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 ("HEI")
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.
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