- GCP Student Living has confirmed that the Company has now completed the acquisition of Woburn Place, London WC1.

In addition, the Company announced that it has entered into an agreement with PGIM Real Estate Finance to increase the Company's existing £130m secured debt facility by a further £40m.

The increased £170m facility is repayable on 30 September 2024 and the cost of debt on this loan has been reduced from 3.07% to 3.01%. The security package remains unchanged.

The Company has further entered into a new £65m facility with PGIM, of which £50m has been drawn at a fixed cost of debt of 2.82%. The Company will draw the remaining £15 million in September 2017 at the same fixed cost of debt.

The facility is repayable in 2029 and is secured against certain of the Company's assets.

Commenting on the acquisition and new borrowings, Robert Peto, Chairman, said:

"We are delighted the Company has been able to secure the acquisition of Woburn Place which, following refurbishment, will offer c.420 modern beds to students in the heart of London close to several globally recognised universities including UCL, Kings College London, the LSE and SOAS.

The Company continues to see new and exciting opportunities in the student residential accommodation market, with the Investment Manager currently conducting due diligence on a high quality asset which may meet the Company's highly selective investment criteria and which is located in a city centre location in close proximity to a top 20 UK university.

In addition, the Board are pleased to further the Company's relationship with PGIM. PGIM is a key partner of the Company as its provider of long-term financing at attractive rates of borrowing."

At 1:32pm: [LON:DIGS] GCP Student Living Plc share price was -0.25p at 149.25p

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