4th Nov 2013 10:03
LONDON (Alliance News) - GCP Student Living PLC Monday said its Scape East accommodation is fully occupied with average rents up 3.3% for the current academic year, after higher demand for university education.
The real-estate investment trust with one student accommodation block up and running so far, said the proportion of international students taking a tenancy had risen to about 80% of the total, from about 75%, with the majority coming from non-EU countries like China and India.
Most of the students based at Scape East attend Queen Mary University of London, with the others attending other London universities.
The company has first right to make an offer on two further projects, Scape Greenwich and Scape
Shoreditch, and hopes to make annoucement on Scape Greenwich by April once the property is completed during the current quarter.
It added that it's also in advanced talks with a developer about potentially buying another "purpose-built and fully occupied property".
GCP Student Living shares were up 0.4% at 109.17 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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