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GCP Student Records Quarterly Increase in Portfolio Value

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

GCP Student Living plc, which was the first student accommodation REIT in the UK, has reported a quarter-on-quarter increase in NAV per share of 3.2% at the end of Dec-18 to 156.4 pence.

At the end of last year, the company's portfolio was valued at £841.5 million, reflecting a like-for-like increase over the quarter of 3.0%.

The company's portfolio comprises of ten assets with a total of around 3,600 beds. Of the ten assets under ownership, nine are currently operational, achieving a net initial yield of 4.74%.

The one asset not currently operational has been forward funded and is due to hit the market in time for the start of the 2019-20 academic year. Upon completion, the Brighton asset will provide 450 beds in addition to around 30,000 square feet of commercial space.

During the period the business secured a £55m facility with Well Fargo Bank N.A taking the company's cost of borrowing on its drawn debt to 2.96%, with an average weighted maturity of 7 years.

Along with assets in London and Egham, GCP Student also has sites in Brighton, Bristol and Guildford.