GCP Student Living has bought Water Lane Apartments in Bristol for £18.3m.
The student accommodation block has 153 bedrooms, which are fully occupied on 51-week lettings for the 2015/2016 academic year, with associated communal areas including a gym, common and study rooms, and a cinema.
The purchase was funded by a placing of £19m through the issuance of 14,074,075 ordinary shares. The placing price per ordinary share was 135 pence.
Robert Peto, chairman, said: “We are delighted with the support from our existing shareholders and the new investors for this equity raise, particularly given the background of challenging global equity markets. The board and the investment manager, Gravis Capital Partners LLP, continue to look for new investment opportunities to enable the company to continue its growth momentum.”
Following its acquisition, the property portfolio of the group will increase to around 2,000 bedrooms with an estimated, unaudited, gross asset value of £418m.
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