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.