FINANCE: Student housing REIT GCP Student Living made a £10.1m operating profit in its first set of results since its IPO in May 2013.
The results cover the period from 26 February 2013 to 30 June 2014.
The company achieved a total return of 11.5%, exceeding its expected target of 8-10% per year.
Investments have been independently valued at £151.6m, and the company made its first development acquisition in May this year – the 280-bed Scape Greenwich student housing project, using equity raised via a share placing.
EPRA NAV per ordinary share stood at 102.64p at the end of the period.
Chairman Robert Peto said: “The IPO of the company and the secondary capital raise in May 2014 were an outstanding success with new investors subscribing for more shares than were available. The company has performed strongly since launch, with full occupancy having been achieved along with year-on-year rental growth above 3% and income and capital performance in excess of target.”
sophia.furber@estatesgazette.com
