GCP Student Living acquires private student accommodation asset for £135 million in London
GCP Student Living plc, the UK’s first REIT focused on student residential assets, has purchased Woburn Place from Unite Students for £135 million in London, private student accommodation asset located at a prime central London position in Bloomsbury, WC1.
Woburn Place, which is currently owned and operated by Unite Students, is within short walking distance of University College London (c.38,000 students from 150 countries), SOAS University of London (c.5,000 students from 133 countries) and two teaching hospitals, University College Hospital and Great Ormond Street Hospital. The London School of Economics, Kings College London, City University and University of the Arts, London are also within walking distance, bringing the total number of students in close proximity to Woburn Place to c.100,000.
The acquisition, which is expected to complete in April 2017, will be funded through a mixture of the net proceeds of the recently completed placing and offer for subscription, as announced by the Company on 22 February 2017, and debt.
It is anticipated that Scape Student Living will be appointed as the asset and facilities manager in respect of the property in due course.
Commenting on the acquisition, Robert Peto, Chairman, said:
“The Board is delighted that the Company has been able to secure the acquisition of this exciting property. Its prime central London location, in close proximity to several large and globally recognised universities, further enhances the positioning of the portfolio in those areas which are strongly positioned to benefit from structural supply and demand imbalances in the
student accommodation market. In particular, we believe this property will offer attractive rental growth prospects over the longer term.”
Source: GCP Student Living plc