Student residential REIT GCP Student Living has reported a rise in NAV and portfolio value in its latest quarter ending 30 June.
Its estimated EPRA net asset value per ordinary share was 149.12p on 30 June.
This reflects an increase on the previous year, when the REIT posted an unaudited equivalent of 139.08p on the same date in 2017.
Its EPRA net asset value (ex-income) was 147.61p per ordinary share in June this year, representing a quarterly increase of 1.5%.
The REIT will also provide a fourth interim dividend of 1.51p per ordinary share, in respect of the quarter ending 30 June.
The company’s portfolio was valued at £784.4m, 94% of which was located in and around London, representing a like-for-like increase of 1.4% over the quarter.
The portfolio comprised 10 assets with circa 3,600 beds. Eight of the assets are currently operational while two are under construction/undergoing refurbishment.
The net initial yield on the operational portfolio was 5.04%.
Last month, the REIT agreed a three-year, £45m re-drawable credit facility with Wells Fargo.
It also entered into a conditional contract to acquire and forward fund the construction of Scape Brighton, a purpose-built private student accommodation development located on the primary campus of the University of Brighton.
Scape Brighton will provide roughly 550 beds and extensive communal areas with around 1,500 square feet of retail space.
It is currently expected that Scape Brighton will be operational for the 2020/21 academic year. The company will benefit from licensing fees, which will provide a circa 5.5% per annum coupon through the construction phase.
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