- GCP Student Living, the UK's first REIT focused on student residential assets, has completed the acquisition of Scape Greenwich, a purpose-built, private student accommodation residence which was completed last year and has 280 studios.

Scape Greenwich is located in a prime London student residential location within 30 minutes of around 75% of London's Higher Education Institutions ("HEIs") and in close proximity to Ravensbourne College (which has around 1,600 students), a leading specialist digital media HEI, and the University of Greenwich.

The company says the acquisition is consistent with the Group's existing portfolio and that Scape Greenwich benefits from significant demand from international students, and is currently occupied by students from 32 different HEIs and of 36 different nationalities.

The terms of the acquisition are based on an independent valuation of £40.52m as at 31 March 2014 and is subject to adjustment in accordance with the terms set out in the company's prospectus dated 1 May 2014.

It will be funded by the net proceeds of the issue and existing cash reserves of the Group. Gearing is currently approximately 26% of gross assets.

At 10:17am: [LON:DIGS] GCP Student Living Plc share price was +0.13p at 106.75p

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