StockMarketWire.com - GCP Student Living's placing to raise up to GBP19m, gross, which was announced on 3 February, was significantly oversubscribed.

The group says applications were received for in excess of the target fund raise and will be scaled back.

The board has resolved to accept gross proceeds under the placing of GBP19,000,001 through the issuance of 14,074,075 ordinary shares. The placing price per ordinary share was 135 pence.

Further to the successful placing, the group has exchanged contracts to acquire Water Lane Apartments, a modern, private student accommodation residence located in a prime city centre location in Bristol. The property is within walking distance of the main line railway station, city centre shopping and Bristol University.

The city of Bristol serves c.49,000 students across both Bristol University and the University of the West of England.

The property comprises 153 studio beds, which are fully occupied on 51-week lettings for the 2015-16 academic year, and associated communal areas including a gym, common and study rooms, and a cinema.

The purchase price for the property is approximately GBP18.3 million.




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