3rd Apr 2014 10:36
LONDON (Alliance News) - GCP Student Living PLC Thursday said that it has terminated its facilities and property management agreement with Grosvenor Facilities Services Ltd.
In April last year the company entered into an asset management agreement with Scape Student Living Ltd for the sales, marketing and brand management, as well as a facilities and property management agreement with Grosvenor Facilities Services Ltd for the provision of facilities and property management services in relation to Scape East, its initial asset.
GCP Student Living said that Scape Student Living has taken over the facilities and property management function from Grosvenor Facilities Services Ltd, and the employment of those individuals currently providing asset and facilities management services to Scape East by a new subsidiary of the company, GCP Operations Ltd.
It said that Scape Student Living will continue to retain overall responsibility for the supervision and provision of asset management services through the oversight and management of GCP Operations' employees, and has taken over responsibility for the procurement and supervision of the facilities management services in connection with Scape East on behalf of the company.
"The board believes that the restructuring of the asset and facilities management services will offer the group higher service levels, improved brand awareness, greater control over the service provided and cost savings," the company said in a statement.
GCP Student Living shares were trading 0.1% lower at 107.15 pence Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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