- GCP Student Living's open offer, placing and offer for subscription has been substantially oversubscribed as to the maximum number of convertible preference shares (C shares) available under the issue of 130 million.

The board has resolved to accept gross proceeds under the issue of £120m through the issuance of 120 million C shares. Applications have been scaled back in accordance with the terms set out in the prospectus dated 29 May.

Following such scaling back, applications will be accepted in respect of 30,295,466 C shares under the open offer, 71,314,257 C shares under the placing and 18,390,277 C shares under the offer for subscription, at an issue price of 100p apiece.

Chairman Robert Peto said: "We are delighted with the support demonstrated by both existing shareholders and new investors for this equity raise for the UK's first listed REIT focussed on student accommodation in the UK. The strength of the demand for shares from investors is a pleasing endorsement of our success in delivering the Company's investment objective with a focus on modern, purpose-built, private student residential assets in and around London.

"The board and the investment manager, Gravis Capital Partners LLP, remain focussed on delivering the company’s investment objective to provide Shareholders with attractive total returns in the long term and regular, sustainable, long-term dividends with inflation-linked income characteristics. Accordingly, the gross proceeds of the Issue have been capped at £120 million in order to maintain an optimal capital structure going forward."

At 1:49pm: [LON:DIGS] GCP Student Living Plc share price was 0p at 128p

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