20th Jun 2016 06:50
LONDON (Alliance News) - GCP Student Living PLC on Monday said it has exchanged contracts to buy Apex House, a forward-funded student accommodation development in London, which is expected to be operational for the 2017/18 academic year.
The student accommodation real estate investment company said it has exchanged contracts to purchase the development site, subject to planning, where a private student accommodation property, comprising of around 580 modern studios will be built. The property is to be located adjacent to Wembley Stadium, in West London.
No financial details were given on the deal.
GCP Student said Apex House will be constructed and designed to specifications it sets, along with student accommodation provider Scape Student Living, which will oversee the development and will be appointed as the asset and facilities manager upon completion.
"The directors believe that London retains a unique supply-demand imbalance for private student residential accommodation in the UK, with a shortage of such accommodation driven by supply restrictions and strong demand driven by demand from international and domestic students alike," GCP Student said in a statement.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
DIGS.L