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GCP Student Agrees to Takeover

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

GCP Student Living has agreed to a £969m takeover from a newly formed company owned by Scape Living PLC and iQSA Holdco.

The news follows on from last week when the company confirmed it had received a bid to buy the company. Scape Living, which was established in 2020 and funded by APG, which is already an 11% shareholder in GCP, and iQ, funded by Blackstone, offered 213p per share, representing a 30.7% premium to GCP's share price on 1 July.

GCP Student said: "In arriving at its recommendation, the GCP board has factored in the increasingly positive news flow in recent months, most notably the Covid-19 vaccine rollout as well as the extremely strong investment appetite and transaction activity in the purpose-built student accommodation sector."

Following the deal becoming effective, it is expected that GCP's assets will be split between Scape and iQ with 60% of their value being transferred to Scape and 40% being transferred to iQ.