Possible Equity Raise

GCP Student Living plc (the "Company" or "Group") Possible equity raise The Company has continued to perform strongly since IPO against an encouragingbackdrop for the student residential accommodation market, particularly in theCompany's core market in and around London where the supply/demand imbalancefor student residential accommodation is particularly acute. Looking forward, the Company has committed to acquire Scape Surrey (formerlyScape Guildford) and The Pad 2, located adjacent to Royal Holloway, Universityof London, and is in advanced negotiations for the acquisition of a c.550 bednew build asset in a prime London location. These three developments, with anaggregate of c.800 beds, are close to completion for the start of the 2015/16academic year. Accordingly, the Board is considering an equity raise in June 2015 to fund theacquisitions of these assets. It is currently envisaged that the Company willseek to raise between approximately £80 million to £100 million of equity.Following the acquisition of these three assets, the Company will have aportfolio of properties located in and around London with an aggregate ofc.1,800 beds. It is currently envisaged that any such capital raise would be structured byway of an issue of convertible preference shares ("C Shares"). Any issue ofC Shares would be structured so as to not be dilutive to existing shareholders'NAV, with any costs directly attributable to such issuance being borne bysubscribers to the C Share issue. The Company is taking legal, tax andfinancial advice and will make a further announcement in due course. 26 February 2015 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 was the first student accommodation REIT in the UK. The Companyinvests in modern, mostly purpose-built, private student residentialaccommodation and teaching facilities located primarily in and around Londonwhere the Investment Manager believes the Company is likely to benefit fromsupply and demand imbalances for student residential accommodation. The Company's first asset, Scape East, is located directly opposite Queen Mary,University of London, one of London's leading universities with c.17,000students and Russell Group status. International students are a specific targetas they are the growth engine of UK Higher Education sector, particularly inLondon. The Company's second asset, The Pad, is a private student accommodationresidence located adjacent to Royal Holloway, University of London, in Surrey.Royal Holloway is ranked in 5th place in the world (1st in the UK) in the TimesHigher Education World University Rankings category of 'International Outlook',recognising it as a global university. It is home to more than 9,000 studentsfrom over 100 countries. The Company's third asset, Scape Greenwich, is a purpose-built, private studentaccommodation residence located in a prime London student residential locationwithin 30 minutes of c.75% of London's Higher Education Institutions ("HEI")and in close proximity to Ravensbourne College, a leading specialist digitalmedia HEI, and the University of Greenwich. The Company's assets, all of which are newly built and located in and aroundLondon, are primarily occupied by international students and offer new highspecification facilities and hotel-level concierge type services which areattractive to overseas and domestic students alike.