GCP Student Living’s Scape East now fully let
GCP Student Living’s initial asset, Scape East, is now fully occupied with respect to the 2013/14 academic year.
The average uplift in the annual rent of the studios as compared with the 2012/13 academic year is 3.3 per cent.
GCP Student Living is the first student accommodation REIT in the UK. The company invests in modern, purpose-built, private student residential accommodation and teaching facilities, initially branded and operated by Scape Student Living.
The company's first asset, Scape East, houses 588 studio bedrooms and circa 20,000 sq ft of teaching facilities. It is located directly opposite Queen Mary, University of London, one of London's leading universities with circa 17,000 students and Russell Group status.
International students will be a specific target as they are the growth engine of UK higher education, particularly in London. Scape East, the fund's initial asset, is primarily occupied by international students and offers brand new high specification facilities and hotel level concierge type services which are attractive to overseas students.
GCP Student Living has agreed a right of first offer in connection with two projects for approximately 820 beds (circa GBP160m) at Scape Greenwich and Scape Shoreditch which are scheduled to complete between 2013 and 2015. In addition, the asset manager has a further 1,200 beds under review for development in and around London.
The company only acquires properties once they are completed and generating income.