GCP Student
160.00p
Share price
on 18 Apr 2019
£657m
Market cap
on 18 Apr 2019
6.00p
12 month dividend

Fund summary

IPO date
May 2013
Trading
Main market LSE
Structure
REIT
ISIN
GB00B8460Z43
SEDOL
B8460Z4
Ticker
DIGS.LN
Dividend payment dates
Feb, May, Aug, Nov
Last quarterly dividend Dec 18
1.53p
Portfolio valuation
£841.5m
EPRA NAV (cum inc) per share
157.93p
EPRA NAV (ex inc) per share
157.4p
EPRA NAV
£648.4m
Loan to value
26%
Ongoing charge percentage
1.27%
Name and address
GCP Student Living plc
51 New North Road
Exeter EX4 4EP
Board of Directors
Robert Peto (chairman), Malcolm Naish, Marlene Wood, Gillian Day
Fund managers
Tom Ward / Nick Barker

As at 31 Dec 2018

Investment strategy

The Company’s investment objective is to provide Shareholders with attractive total returns in the longer term through the potential for modest capital appreciation and regular, sustainable, long-term dividends with RPI inflation-linked income characteristics.

The Company intends to meet its investment objective through owning, leasing and licensing student residential accommodation and teaching facilities to a diversified portfolio of direct let tenants and HEIs. The Company will mostly invest in modern, purpose built, private student residential accommodation and teaching facilities located primarily in and around London where the Investment Manager believes the Company is likely to benefit from supply and demand imbalances for student residential accommodation.

The Company may also invest in development and forward-funded projects which are consistent with the objective of providing Shareholders with regular, sustainable dividends and have received planning permission for student accommodation, subject to the Board being satisfied as to the reputation, track record and financial strength of the relevant developer and building contractor.

Rental income will derive from a mix of contractual arrangements including direct leases to students (direct let agreements), lease agreements with students guaranteed by HEIs and lease agreements directly with HEIs and which may be in the form of soft nominations agreements (pari passu marketing arrangements with HEIs to place their students in private accommodation) or hard nominations agreements (longer term lease agreements of between 2 and 30 years in duration).

The Company will focus on accommodation and teaching facilities for students studying at Russell Group universities, Regional Universities with satellite teaching facilities in London and specialist colleges.

The team

Directors

Gillian Day

Gillian Day

Director

Gillian Day

Gillian Day

Director

Ms Day has 20 years of experience in finance, advising a broad range of private and public companies across a number of sectors working extensively with institutional investors, multilateral agencies and governments. Ms Day is currently Head of Private and Institutional Capital Engagement at CDC Group. She is a governor of The London School of Economics and a member of the finance committee. She has also served as a governor of the Museum of London and on its development board, audit and remuneration committees. She began her career at J.P. Morgan with a variety of advisory and capital markets roles in New York and London and then joined The Royal Bank of Scotland in private placements, portfolio management and corporate coverage. She was also a member of the investment committee for the European Fund for Strategic Investment at the European Investment Bank.  Ms Day has a Masters from Columbia University's School of International and Public Affairs and a BSc. in Economics from The London School of Economics and Political Science.

 

Ms Day was appointed as a Director of the Company on 23 February 2018.


Malcolm Naish

Malcolm Naish

Director

Malcolm Naish

Malcolm Naish

Director

Mr Naish is a non-executive director of Ground Rents Income Fund plc and Target Healthcare REIT Limited. He was head of real estate at Scottish Widows Investment Partnership (‘‘SWIP’’) until 2012, with responsibility for a portfolio of commercial property assets spanning the UK, Continental Europe and North America, and SWIP’s real estate investment management business. He qualified as a chartered surveyor in 1976 and has over 40 years’ experience of working in the real estate industry. Immediately prior to joining SWIP in 2007, Mr Naish was director and head of DTZ Investment Management, where he also led new business development in the UK and international markets. He was a founding partner of Jones Lang Wootton Fund Management and UK managing director of LaSalle Investment Management. In 2002, he co-founded Fountain Capital Partners, a pan-European real estate investment manager and adviser. Mr Naish was also chairman of the Scottish Property Federation for 2010/11. He now holds a number of non-executive directorships and roles in the charity sector.

Mr Naish was appointed as a Director of the Company on 9 April 2013.


Marlene Wood

Marlene Wood

Director

Marlene Wood

Marlene Wood

Director

Mrs Wood is a chartered accountant with a broad range of experience in both private and public sectors. She is currently a non-executive director and chair of the audit committee for RM Secured Direct Lending PLC and the Scottish Funding Council for Further and Higher Education, where she also sits on their remuneration committee. Mrs Wood was chair of the audit committee for the University of the Highlands and Islands until 2014. She spent 20 years with the Miller Group, a major UK property business, predominantly as finance director for Miller Developments, the property development and investment arm, and latterly as group accounting and treasury director. Mrs Wood is currently also a non-executive director and treasurer of One Parent Families Scotland.

Mrs Wood was appointed as a Director of the Company on 23 March 2015 and Chair of the audit committee on 21 July 2015.


Robert Peto

Robert Peto

Chairman

Robert Peto

Robert Peto

Chairman

Mr Peto is non-executive chairman of Standard Life Investments Property Income Trust Limited and DTZ Investment Management Limited (“DTZI”), the regulated arm of DTZ Investors which he founded in 1992. DTZI now has over £4 billion of assets under management. Mr Peto chairs a number of investment committees for property funds, is a consultant to Insight Investment Limited in respect of its commercial real estate debt programme and is a non-executive director of Lend Lease Europe GP Limited (Retail Fund), Western Heritable Company Limited and Mactaggart Heritable Holdings Limited. He was Global President of Royal Institution of Chartered Surveyors in 2010/11, a member of the Bank of England Property Advisory Group from 2007 to 2011, chairman of DTZ UK from 1998 to 2008 and a member of the board of DTZ Holdings plc from 1998 to 2009.

Mr Peto was appointed as a Director and Chairman of the Company on 9 April 2013.



Administrator & service providers

Registrar

Link Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU

Administrator

Link Alternative Fund Administrators Limited
Beaufort House
51 New North Road
Exeter
EX4 4EP

Secretary

Link Company Matters Limited
Beaufort House
51 New North Road
Exeter
EX4 4EP

Investment Manager & AIFM

Gravis Capital Management Ltd (GCM)
24 Savile Row
London
W1S 2ES

Auditors & Reporting Accountants

Ernst & Young LLP
25 Churchill Place
Canary Wharf
London
E14 5EY

Stockbroker

Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET

Solicitor

Gowling WLG (UK) LLP
4 More London Riverside
London
SE1 2AU

Valuer

Knight Frank LLP
55 Baker Street
London
W1U 8AN

Principal Bankers

Barclays Bank PLC
1 Churchill Place
London
E14 5HP

Depositary

Langham Hall UK Depositary LLP
5 Old Bailey
London
EC4M 7BA

Terms and conditions

THE INFORMATION ON THIS WEBSITE IS INTENDED TO BE USED FOR REFERENCE PURPOSES ONLY BY PERSONS IN THE UK. THE INFORMATION IS NOT INTENDED FOR PERSONS OUTSIDE THE UK WHERE THE AVAILABILITY OR PUBLICATION OF SUCH INFORMATION IS PROHIBITED OR RESTRICTED INCLUDING, BUT NOT LIMITED TO, THE UNITED STATES ITS TERRITORIES, POSSESSIONS AND PROTECTORATES UNDER ITS JURISDICTION. NOTHING ON THIS WEBSITE IS TO BE CONSIDERED AS AN OFFER TO DEAL IN THE SHARES OF GCP STUDENT LIVING PLC (“GCP STUDENT”) IN ANY JURISDICTION

This website provides general information about GCP Student only. It does not constitute investment advice and should not be relied upon as such by any person. Prospective investors should take advice from an authorised financial adviser to assess whether an investment in GCP Student is suitable.

Shares in GCP Student may not be offered or sold directly or indirectly in the United States. They have not been nor will they be registered under the U.S. Securities Act of 1933, as amended, and GCP Student is not registered under the U.S. Investment Company Act of 1940, as amended. The shares in GCP Student have not been and will not be registered under the applicable securities laws of Australia, Canada, Japan or the Republic of South Africa and may not be offered or sold in these jurisdictions.

Recipients of information on this website in any other jurisdiction should inform themselves about and observe any applicable legal requirements in their jurisdiction.

It should be remembered that the price of shares in GCP Student and the income from them can go down as well as up.

GCP Student is managed by Gravis Capital Management Limited (“Gravis”). No warranty is made by Gravis as to the accuracy or completeness of any information on this website. Any price information or indications of past performance on this website are for information purposes only, are subject to change without notice and can in no way be construed as a guarantee of future performance.

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