GCP Student has announced a placing to raise up to £55m.
GCP was the first student accommodation REIT to start trading on the London Stock Exchange in 2013 and now has a portfolio of 10 assets valued at £784.4m.
Since IPO the company has delivered an annualised return of 12.5%. The operational portfolio is fully let for the 2018/19 academic year.
The placing will enable the acquisition of another asset and the construction of a scheme in Brighton.
The 8,506,400 ordinary shares will be priced at 149.50 pence per share, a 3.1 pence discount to the closing price per ordinary share on 7 September 2018.
The placing is not being underwritten, Stifel Nicolaus is the bookrunner.
To send feedback, e-mail alex.peace@egi.co.uk or tweet @egalexpeace or @estatesgazette
