Acquisition of Scape Greenwich

GCP Student Living plc (the "Company" or "Group") Acquisition of Scape Greenwich GCP Student Living plc, the UK's first REIT focused on student residentialassets, announces that it has completed the acquisition of Scape Greenwich, apurpose-built, private student accommodation residence which was completed in2013 with 280 studios. Scape Greenwich is located in a prime London student residential locationwithin 30 minutes of c.75% of London's Higher Education Institutions ("HEIs")and in close proximity to Ravensbourne College (c.1,600 students), a leadingspecialist digital media HEI, and the University of Greenwich. As is consistent with the Group's existing portfolio, Scape Greenwich benefitsfrom significant demand from international students, and is currently occupiedby students from 32 different HEIs and of 36 different nationalities. Pursuant to the terms of the Scape Greenwich Acquisition the purchase price forScape Greenwich is based on an independent valuation of £40.52 million as at31 March 2014 and is subject to adjustment in accordance with the terms set out inthe Company's prospectus dated 1 May 2014. The acquisition of Scape Greenwich will be funded by the net proceeds of theIssue and existing cash reserves of the Group. Gearing is currentlyapproximately 26% of Gross Assets. For further information please contact: Gravis Capital Partners LLP Tom Ward [email protected] 020 7518 1496 Cenkos Securities plc Dion Di Miceli [email protected] 020 7397 1921Tom Scrivens [email protected] 020 7397 1915 Buchanan Charles Ryland [email protected] 020 7466 5000Sophie McNulty [email protected] About GCP Student Living plc The Company is the first student accommodation REIT in the UK. The Companyinvests in modern, purpose-built, private student residential accommodation andteaching facilities, initially branded and operated by Scape Student Living.Facilities will be located primarily in and around London where the InvestmentManager believes the Company is likely to benefit from supply and demandimbalances for student residential accommodation. In total, London has over400,000 students and the largest number of overseas students of any city in theworld, at over 100,000, with international student numbers up by 9% in 2014/15and expected to increase at a similar rate in the years to come. However, withonly c.70,000 beds in purpose-built student accommodation in London, there areinsufficient beds for domestic first year students let alone internationalstudents and postgraduates. The Company's assets are primarily occupied by international students andpostgraduates and offer new high specification facilities and hotel-levelconcierge type services. The Company will only acquire properties once they are completed and generatingincome. Terms used in this announcement shall have the same meanings given to them inthe Prospectus of the Company which was published on 1 May 2014 unless thecontext otherwise requires.