GCP Student Living considers equity raise
The board of GCP Student Living is considering an equity raise in the second quarter to fund the acquisition of another asset.
The move comes on the back of the recent acquisitions of Scape East, a 588 studio accommodation block with 20,000 square feet of teaching facilities opposite Queen Mary University of London in May 2013, and The Pad, a 116 room accommodation block opposite Royal Holloway, University of London.
It is currently expected that the company may seek to raise between approximately GBP30m and GBP43m. Any such equity raise would be at a premium to the prevailing net asset value of the company and made on a pre-emptive basis to shareholders on the company’s register as at the record date.
GCP is taking legal, tax and financial advice and will make a further announcement in due course.