GCP Student Announces £75m Placing

The real estate investment trust GCP Student has announced it plans to raise £75 million through a share placing.

The funds are being raised in response to demand from various pension funds managed by APG Asset Management with shares being placed at 186p. This represents a premium of 10.4% compared to the company's prevailing EPRA net asset value and a discount of 6.3% to the closing price on December 18th of 198.40p.

The company is also in talks to buy a 412-bed block in London's Mile End and would use the proceeds to partly fund the deal if it goes through or by repaying its credit facility and funding the completion of construction of its Scape Brighton asset with equity instead of extra debt.