Result of Placing & Offer for Subscription

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTOCANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OFAMERICA OR TO US PERSONS GCP Student Living plc (the "Company") RESULT OF PLACING & OFFER FOR SUBSCRIPTION The Board is pleased to announce that the Open Offer, Placing and Offer forSubscription by the Company has been oversubscribed as to the maximum number ofNew Shares available under the Issue of 39,810,427. Accordingly, applicationshave been scaled back in accordance with the terms set out in the Prospectusdated 1 May 2014. Following such scaling back, applications will be accepted in respect of15,601,141 New Shares under the Open Offer, 16,937,697 New Shares under thePlacing and 7,271,589 New Shares under the Offer for Subscription, at an issueprice of 105.5 pence per New Share, raising an aggregate of £42 million ofgross proceeds for the Company. Gearing following Admission will beapproximately 26% of Gross Assets. Application has been made for the New Shares to be admitted to trading on theLondon Stock Exchange (Specialist Fund Market) and Channel Islands StockExchange. It is expected that dealings will commence at 8.00 a.m. on 28 May 2014. Share certificates in respect of the New Shares are expected to be despatchedin the week commencing 2 June 2014. Following Admission, the Company will have 109,910,428 Ordinary Shares in issueand the total voting rights in the Company will be 109,910,428. Commenting on the fundraising, Robert Peto, Chairman, said: "We are delighted with the support demonstrated by both existing shareholdersand new investors for this equity raise for the UK's only listed REIT focussedon student accommodation in the UK. The strength of thedemand for shares from both existing and new shareholders isa pleasing endorsement of our success in delivering the Company's investmentobjective with a focus on modern, purpose-built, privatestudentresidentialassets in and around London,will allow the Company to acquire ScapeGreenwich without debt and increase both the size and quality of the portfolioand provide additional liquidity for shareholders. The Company continues to perform in line with its strategy with income andcapital returns delivered to date currently in excess of its target. With theincreased application rate of domestic, and in particular internationalstudents, the Company is well-positionedto meet its targets through exposure tothe London market over the forthcoming years. For further information please contact: Gravis Capital Partners LLPTom Ward [email protected] 020 7518 1496 Cenkos Securities plcDion Di Miceli [email protected] +44 (0)20 7397 1921Tom Scrivens [email protected] +44 (0)20 7397 1915 BuchananCharles Ryland [email protected] +44 (0)20 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. About Gravis Capital Partners LLP ("GCP") GCP is the Investment Manager to the Company. It is a specialist investmentadvisory company which focuses on student accommodation and infrastructure. GCPis authorised and regulated by the FCA. The distribution of this announcement and the Issue in certain jursidctions maybe restricted by law. No action has been taken by the Company or Cenkos thatwould permit an offering of the New Shares or possession or distribution ofthis announcement or any other offering or publicity material relating to suchshares in any jursidction where action for that purpose is required. Personsinto whose possession this announcement comes are required by the Company andCenkos to inform themselves about, and to observe, such restrictions. No representation or warranty, express or implied, is made or given by or onbehalf of the Company, Cenkos or the Investment Manager or any of theirrespective directors, partners, officers, employees, agents or advisers or anyother person (whether or not referred to in this announcement) as to theaccuracy, completeness or fairness of the information contained herein and noresponsibility or liability is accepted by any of them for any such informationor opinions. This announcement does not constitute or form part of, and should not beconsidered as, any offer for sale or subscription of, or solicitation of anyoffer to buy or subscribe for, any shares in the Company or securities in anyother entity, in any jursidction, including the United States, nor shall it, orany part of it, or the fact of its distribution, form the basis of, or berelied on in connection with, any contract or investment decision whatsoever,in any jurisdiction. Cenkos, which is authorised and regulated in the United Kingdom by the FCA, isacting as financial adviser and placing agent to the Company in relation to theIssue and Admission and will not be responsible to any other person forproviding the protections afforded to clients of Cenkos or for advising anyother person on the contents of this announcement or any matter, transaction orarrangement referred to herein. FCA-authorised firms conducting designated investment business with retailcustomers under the COB Rules are reminded that securities admitted to tradingon the Speciliast Fund Market will be securities that may have characteristicssuch as: (i) variable levels of secondary market liquidity; (ii) sophisticatedcorporate structures; (iii) highly leveraged structures; and (iv) sophisticatedinvestment propositions with concentrated risks and are therefore intended forinstitutional, professional and highly knowledgeable investors. The Company andits advisers not subject to the COB Rules are responsible for compliance withequivalent conduct of business or point of sale rules in the jursidction inwhich they are based or in which they are marketing the securities concerned(if applicable). Terms used in this announcement shall have the same meanings given to theminthe prospectus of the Company which was published on 1 May 2014 unless thecontext otherwise requires.