1st Aug 2018 12:22
LONDON (Alliance News) - GCP Student Living PLC said Wednesday that an increase in the value of its portfolio led to an improved net asset value at the end of its financial year.
The real estate investment trust, which focuses on student housing, posted an EPRA net asset value of 149.12 pence for June 30, its end of year date. This compares with a 146.31p EPRA net asset value on December 31.
The company's portfolio was valued at GBP784.4 million in June, up 6.1% from GBP739.6 in December. Of GCP's investments, 94% were located in or around London and was comprised of 10 assets with approximately 3,600 beds. Eight of the ten have already been constructed while a further two are underway.
The company said works at both its Scape Bloomsbury and Circus Street assets are on schedule with Scape complete in September 2018 and Circus Street September 2019.
GCP declared a fourth interim dividend of 1.51 pence per share, which will be paid as 0.94p per ordinary share in the form of a REIT property income distribution, while the remaining 0.57p per share will be paid as an ordinary UK dividend.
Shares in GCP Student Living were up 0.7% at 150.27 pence on Wednesday.
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