15th Feb 2021 14:07
GCP Student Living PLC - UK REIT focused on student accommodation - Terminates a lease in London with a WeWork subsidiary with immediate effect. Ahead of termination, GCP Student Living says it has collected a payment of GBP3.1 million, covering all arrears and rent due through to the end of June 2021. The payment is equal to the maximum amount available from WeWork's parent company guarantee.
Back in 2015, GCP Student Living entered into a 15-year occupational lease with no break options with a WeWork subsidiary in respect of commercial space at GCP Student Living's Scape Shoreditch property. The lease was part-guaranteed by WeWork's US parent company, WeWork Cos LLC. GCP Student Living previously announced that WeWork's arrears totalled GBP2.3 million in respect of half of the quarterly payments due in March 2020 and June 2020.
GCP Student Living says it now has taken vacant possession of the commercial space at Scape Shoreditch and believes the location will be attractive to "reliable tenants in the future".
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By Evelina Grecenko; [email protected]
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