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GCP Student in ?75m placing
19th Dec 2019 07:02
(Sharecast News) - Real estate investment trust GCP Student said it planned to raise £75m through a share placing in response to demand from various pension funds managed by APG Asset Management.
The shares will be placed at 186p each, which represents a premium of 10.4% to the company's prevailing EPRA net asset value of 168.55p and a discount of 6.3% to the closing price on December 18 of 198.40p, GCP said on Thursday.
The company is in talks to buy a 412-bed asset in London's Mile End from developer Scape and would use the placing proceeds to to partly fund the deal if it goes through or by repaying its credit facility and funding the completion of construction of its Scape Brighton asset with equity instead of extra debt.
The shares will be placed at 186p each, which represents a premium of 10.4% to the company's prevailing EPRA net asset value of 168.55p and a discount of 6.3% to the closing price on December 18 of 198.40p, GCP said on Thursday.
The company is in talks to buy a 412-bed asset in London's Mile End from developer Scape and would use the placing proceeds to to partly fund the deal if it goes through or by repaying its credit facility and funding the completion of construction of its Scape Brighton asset with equity instead of extra debt.