10th Feb 2016 10:01
LONDON (Alliance News) - GCP Student Living PLC on Wednesday said it has bought a student accommodation residence in Bristol after its recent share placing to raise up to GBP19 million was "significantly oversubscribed".
Water Lane Apartments are located in the centre of Bristol, within walking distance of the main line railway station, city centre shopping and the University of Bristol. The property comprises 153 studio beds and communal areas including a gym, common and study rooms, and a cinema.
GCP is buying the property for GBP18.3 million, with completion expected on or around February 15, and it will be funded entirely from the proceeds of its share placing.
"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," Chairman Robert Peto said in a statement.
"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," he added.
Shares in GCP were trading down 0.3% at 137.32 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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