22nd Apr 2014 12:23
LONDON (Alliance News) - GCP Student Living PLC Tuesday announced its third interim dividend of 1.35 pence per share and announced changes to its financing plans.
The student accommodation real estate investment trust said the dividend payment brings its total dividends declared during the period ending June 30 to 4.70 pence per share.
The company said that on March 31 its un-audited economic net asset value was 102.61 pence.
However, GCP Student Living said that in order to manage adverse effects of interest rate movements on its cash flow and dividends it has hedged its interest rate exposure into a fixed rate system.
The company said its economic net asset value adjusted to reflect the cost of fixed rate debt is
101.51 pence per share.
GCP Student Living also said it is currently reviewing its financing options for the company including its current debt and swap arrangements.
The company said added that it intends to continue with a planned capital raise of GBP42 million for the ongoing acquisition of Scape Greenwich, a new, purpose-built 280 studio accommodation block located on the Greenwich peninsula in London.
GCP Student Living shares were down 0.5% to 106.26 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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