- GCP Student Living has decided to proceed with a non pre-emptive placing of ordinary shares targeting gross proceeds of up to GBP19m.

The Placing price will be 135 pence per ordinary share, which the Company says represents a discount of 2.4% to the closing price per ordinary share on 2 February 2016.

The Placing price represents a 0.8% premium to the Companys EPRA net asset value per ordinary share (ex income) as at 31 December 2015, and accordingly the costs of the Placing will be covered by such premium.

The net proceeds of the Placing and, if required, existing cash resources of the Group will be used to acquire a modern, private student residential accommodation asset in a prime city centre location in Bristol.

The asset is fully occupied on 51-week lettings for the 2015/16 academic year. It is intended that the acquisition of the asset will be funded wholly by the net proceeds of the Placing, and should thereby result in a modest reduction to the Companys debt to property value which is currently c.32%. The asset will represent approximately 4% of the Companys enlarged portfolio.

At 11:33am: [LON:DIGS] GCP Student Living Plc share price was 0p at 138.25p

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