StockMarketWire.com - GCP Student Living has completed the acquisition of Water Lane Apartments, Bristol, for approximately GBP18.3 million.

The acquisition has been funded wholly from the net proceeds of the placing of new ordinary shares announced on 10 February to raise GBP19,000,001.

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.

Following the acquisition, the group’s debt to property value is approximately 31%. The property portfolio of the group has increased to c.2,000 beds with an estimated, unaudited, gross asset value of c.GBP418.8 million.




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