GCP Student Living reveals takeover bid

Sara Kirsch Sara Kirsch Uploaded 06 July 2021

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UK: Real estate investment trust GCP Student Living has been approached by a consortium looking to acquire it.

On Friday, GCP shares were up 3.8 per cent at 169.20 pence at the close of the London market, giving the company a market value of £770 million. 

After the market closed, the group confirmed that it was in talks for takeover with and had received non-binding offers from a consortium, made up of Scape Living PLC and iQSA Holdco. Both companies in the consortium are advised by Blackstone and funded by APG, a Dutch pension fund that is GCP’s largest shareholder with 11.1 per cent stake. 

GCP’s announcement said: “The company remains in discussions with the consortium. However, following discussions with the company’s independent valuer, the board is anticipating a material increase in its property valuation for the period to 30 June 2021.” 

The consortium will have until 5 pm on July 30 to announce a firm offer or leave the deal, per the rules of the takeover.

GCP said in its announcement that the company is not certain an offer will be made. 

The announcement said: “There can be no certainty that any offer will be made, nor as to the terms of any such offer. A further announcement will be made as and when appropriate.”

After the company announced talks of takeover, its shares continued to rise up to 7.8 per cent and 182.40 pence on Monday.

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