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GCP Student Living acquires UK asset for £29M

GCP Student Living Plc bought a roughly 180-bed purpose-built private student accommodation in Egham, U.K., for roughly £29 million using available resources.

The company signed a forward purchase agreement for Podium in April 2016 and targeted a £70 million equity raise as well as new debt financing to fund the deal alongside other acquisitions.

Podium is fully occupied and operational for the 2017-2018 academic year.