GCP Student Agrees to Takeover
Image courtesy of Flickr
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.
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Head of Research at StuRents
Richard leads the StuRents research team, providing proprietary, platform-driven insights to help stakeholders make better-informed decisions about the market.
