GCP acquires 116 bed student scheme for GBP13m
GCP Student Living, the UK's first REIT focused on student residential assets, has acquired a purpose-built, private student accommodation residence located adjacent to Royal Holloway, University of London, in Surrey.
The asset comprises 116 bedrooms and is currently fully occupied on 51 week tenancies.
Royal Holloway is ranked in fourth place in the world (first 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 (circa 20 per cent from outside the European Union).
The asset has been acquired for GBP13m, which will be funded through the company's existing borrowing facility. Following the acquisition, GCP's gearing will be approximately 36 per cent of gross assets.
GCP has also entered into a forward purchase agreement to acquire the second phase of the Royal Holloway scheme. This phase is due for completion for the 2015/16 academic year and will constitute an additional 100 beds.