- GCP Student Living said applications from investors for last month's placing substantially exceeded the target gross proceeds and a scaling back exercise had taken place.

It said the board had resolved to accept applications in respect of 49,295,774 placing shares at 142.0p apiece, raising gross proceeds of £70m.

The company said it had entered into a conditional contract to acquire and forward fund the construction of Circus Street, Brighton.

It said the costs of acquiring and forward funding the construction was expected to be approximately £70m and would be funded by the net proceeds of the placing, the company's existing resources and further borrowings, as required.

At 8:15am: [LON:DIGS] GCP Student Living Plc share price was +0.25p at 142.25p

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