UK real estate investment trust GCP Student Living has acquired Scape Greenwich, a purpose-built, private student accommodation residence which was completed in 2013 with 280 studios.
Scape Greenwich is located in a prime London student residential location within 30 minutes of 75 per cent of London’s Higher Education Institutions (HEIs) and in close proximity to Ravensbourne College and the University of Greenwich.
Scape Greenwich benefits from significant demand from international students, and is currently occupied by students from 32 different HEIs and of 36 different nationalities.
The purchase price for Scape Greenwich is based on an independent valuation of GBP40.52 million as at 31 March 2014 and is subject to adjustment in accordance with the terms set out in the company's prospectus dated 1 May 2014.
The acquisition of Scape Greenwich will be funded by the net proceeds of the issue and existing cash reserves of the group.