- GCP Student Living's placing has raised GBP60m before expenses - GBP10m more than the company's original target announced on 10 May.

The company said it received applications from investors materially exceeding the minimum target gross proceeds and in light of the available investment opportunities in the nearer term, the board agreed to accept applications in respect of 44,085,232 placing shares at 136.10 pence apiece. Investor demand exceeded this supply and a scaling back exercise has been undertaken.

The net proceeds will be used to acquire, in the near term, a modern student residential accommodation asset comprising 530 modern studios and beds located in a city centre position in close proximity to a globally recognised UK university.

The asset benefits from a long-term nominations agreement with the university which guarantees underlying rental income.

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