Student accommodation specialist GCP Student has reported strong interim results with EPRA NAV increasing 5% year-on-year to 146.1p and dividends rising 3.5% to 2.96p per share.
The London-focused student housing REIT also saw the value of its portfolio increase sharply from £465.7m at HY 2016 to £739.6m at 31 December 2017.
GCP’s first forward-funded development at Scape Wembley, London completed on schedule adding 580 beds to the rent roll, which grew by 4.1% in the academic year, up from 3.9% in 2016. The company also acquired Podium, a scheme adjacent to Royal Holloway in London offering 180 beds, to increase GCP’s portfolio to ten assets with 3,600 beds located primarily in and around London.
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