- Student accommodation real estate investment trust GCP Student Living posts an operating profit of £4.5m from its incorporation on 26 February to the end of December.

The company said financial highlights were:

* Successful initial public offering (of the company raised £70.1m through the placing and offer for subscription of ordinary shares.

* Shares of the company admitted to the Specialist Fund Market of the London Stock Exchange and the Channel Islands Stock Exchange on 20 May 2013.

* Dividend payments in line with target. A distribution of 2.00 pence per share was paid for the period from IPO on 20 May 2013 to 30 September 2013, and a second interim distribution of 1.35 pence per share was declared on 29 January 2014 for the three months to 31 December 2013.

* Third party valuation of investments as at 31 December 2013 of £107.5 million.

* Increase in economic net asset value per share from 97.00 pence on listing to 100.29 pence as at 31 December 2013, representing a 3.40% increase on opening economic NAV.

Chairman Robert Peto said: "The IPO of the company was an outstanding success with new investors subscribing for more shares than were available.

"The company has performed strongly since launch, with full occupancy having been achieved for both properties along with year-on-year rental growth above 3%. Going forward, the company is well positioned to achieve its growth and earnings targets due to an ongoing supply/demand imbalance of high quality purpose built accommodation in its core markets."

At 8:35am: [LON:DIGS] GCP Student Living Plc share price was 0p at 107p

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