7th Nov 2019 12:18
(Alliance News) - GCP Student Living PLC said Thursday its net asset value rose over the first quarter of its financial year, driven by an increase in the value of its portfolio.
The real estate investor, which focuses on student residential assets, also announced the appointment of Marykay Fuller as non-executive director with immediate effect.
Fuller is currently a non-executive director of the UK Civil Aviation Authority, and was formerly a partner at audit firm KPMG.
As at September 30, GCP Student reported a net asset value of 168.55 pence per share, up 2.8% from 165.52p as at June 30.
Over the quarter, the value of GCP's portfolio increased on a like-for-like basis by 2.5% to GBP962.2 million from GBP921.6 million at the end of June.
As at September 30, the portfolio comprised 11 assets and 4,100 beds, including one asset that is expected to complete construction in the 2020-21 academic year.
GCP's operational portfolio is fully occupied for the 2019-20 academic year, with student rental growth of 4.4% year-on-year.
GCP declared a quarterly dividend of 1.57 pence per share.
Shares in GCP Student Living - which is headquartered in Exeter - were up 0.1% at 177.30 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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