View guides

GCP Receives Takeover Bid

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

GCP Student Living has confirmed it has received a takeover bid led by its largest shareholder.

The bid has been received from a consortium comprising Scape Living and iQSA Holdco, which is funded by Dutch group APG and funds advised by Blackstone.

APG is already the largest shareholder in the business, with a stake of just over 11%.

Noting recent press coverage, GCP said it has received a series of non-binding proposals for the firm, other than the shares held by funds managed by APG Asset Management NV, to be funded by the consortium's respective primary shareholders.

GCP added: "The company remains in discussions with the consortium. However, following discussions with the company's independent valuer, the board is anticipating a material increase in its property valuation for the period to 30 June 2021. "

The consortium has until July 30 to either announce a firm offer or walk away.