Residents Object to More Student Flats
24th Apr 2018
GCP Student Living PLC, a specialised real estate investment trust focused on student accommodation assets, has agreed to buy a forward funded student housing development in Brighton for £70 million.
The London-listed company is to buy and forward fund the construction of the student accommodation asset as well as commercial office space.
Situated on Circus Street in Brighton's city centre, GCP Student Living will fund the development from the proceeds of the share placing the company announced in June, as well as existing resources and additional borrowings.
The property will be accommodated by students attending the University of Sussex and Brighton University, which in total have around 36,000 students, including over 6,000 international students.
The site is expected to be operational in time for the 2019-20 academic year and licensing fees are anticipated to provide a 5.5% coupon through the construction phase, which in turn will support the company's aim of paying regular, sustainable dividends and modest capital growth over the long term.
The site has a total of 450 student beds and is expected to be contracted to a subsidiary owned and guaranteed by a higher education institution on a 21-year lease, with upward only annual uplifts of retail price index inflation plus 50 basis points, capped and collared at 5% and 2% respectively.
24th Apr 2018
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