GCP Student Living plc (the "Company" or "Group")
Dividend Declaration and Net Asset Valuation
The Board of GCP Student Living plc, the UK's first REIT focused on student
residential assets, is pleased to announce a third interim dividend of 1.43
pence per ordinary share, in respect of the quarter ended 31 March 2017. The
third interim dividend will be paid on 5 June 2017 to ordinary shareholders on
the register as at 5 May 2017. The dividend will be paid as 1.11 pence per
ordinary share as a REIT property income distribution ("PID") in respect of the
Group's tax exempt property rental business and 0.32 pence per ordinary share
as an ordinary UK dividend ("non-PID").
As at close of business on 31 March 2017, the unaudited estimated EPRA net
asset value per ordinary share of the Company was 138.43 pence. The EPRA net
asset value includes income for the period (cum-income) and does not include a
provision for an accrued dividend for the quarter to 31 March 2017.
The EPRA net asset value (ex-income) was 137.00 pence per ordinary share as at
that date.
As at 31 March 2017, the valuation of the Company's portfolio was £479.1
million. In addition, as at that date the Company had exchanged contracts to
acquire Woburn Place, London WC1, which was subsequently purchased on 5 April
2017 at a price of c.£135 million.
26 April 2017
For further information please contact:
Gravis Capital Partners LLP +44 020 7518 1490
Tom Ward tom.ward@gcpuk.com
Nick Barker nick.barker@gcpuk.com
Dion Di Miceli dion.dimiceli@gcpuk.com
Stifel Nicolaus Europe Limited +44 020 7710 7600
Neil Winward neil.winward@stifel.com
Mark Young mark.young@stifel.com
Tom Yeadon tom.yeadon@stifel.com
Buchanan +44 020
7466 5000
Charles Ryland charlesr@buchanan.uk.com
Vicky Watkins victoriaw@buchanan.uk.com
About GCP Student Living plc
The Company was the first student accommodation REIT in the UK, investing in
modern, purpose-built, private student residential accommodation and teaching
facilities. Its investments are 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 standing assets are primarily occupied by international students
and offer high specification facilities and hotel-level concierge type services
which the Investment Manager believes are attractive to overseas students.