- The Board of the Company has announced a third interim dividend of 1.35 pence per Ordinary Share, in respect of the financial period 1 January 2014 to 31 March 2014.

This will bring the total dividends declared in respect of the financial period ending 30 June 2014 to 4.70 pence per Ordinary Share.

The third interim dividend will be paid on 5 June 2014 to shareholders on the register as at 9 May 2014. The dividend will be paid as a REIT property income distribution in respect of the Group's tax exempt property rental business.

As at close of business on 31 March 2014, the un-audited economic net asset value per Ordinary Share of the Company was 102.61 pence. The economic net asset value includes income for the period (and does not include a provision for an accrued dividend for the quarter to 31 March 2014).

To manage adverse effects of interest rate movements on cash flow and dividends the Company has hedged its interest rate exposure into fixed rate exposure through an interest rate swap pursuant to which its lender has fixed the LIBOR element of the interest rate payable on the Group's debt facility at 2.745%.

Accordingly, taking into account the un-audited fair value mark-to-market valuation of this financial derivative instrument based on current gilt rates, the economic net asset value adjusted to reflect the cost of fixed rate debt is 101.51 pence per Ordinary Share.

The Board are currently reviewing potentially more favourable financing options for the Company including its current debt and swap arrangements. In the event that the swap was to be terminated as a result of this refinancing, any mark to market gain or loss on the swap arrangements would be crystallised in the Company's accounts as at the date it is terminated.

Further to the announcement made on 14 March 2014, the Company intends to proceed with a capital raise targeting c.£42m of gross proceeds for the acquisition of Scape Greenwich. Scape Greenwich is a new, purpose-built 280 studio accommodation block located on the Greenwich peninsula in London in close proximity to Ravensbourne College (c.1,600 students), a leading specialist digital media HEI, and the University of Greenwich (c.26,000 students). A further announcement will be made shortly.

At 12:06pm: [LON:DIGS] GCP Student Living Plc share price was 0p at 106.75p

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