British real estate investment trust GCP Student Living PLC plans to raise gross proceeds of up to roughly £55 million from a nonunderwritten placement of up to 38,506,400 ordinary shares on a nonpre-emptive basis.

The shares will be issued at 149.50 pence apiece, representing a 3.10 pence discount to the Sept. 7 closing price of 152.60 pence and a 1.89 pence premium to the company's prevailing EPRA net asset value of 147.61 pence per ordinary share.

Net proceeds from the placement will be channeled toward the development of the Scape Brighton student accommodation in Brighton, U.K. GCP secured a three-year credit facility for up to £45 million to partially fund the acquisition of the asset in July. Plans for the project include about 550 beds and communal areas and roughly 1,500 square feet of retail space, with completion slated for September 2020.

The offering will close Sept. 20 and the shares are expected to be admitted to trading on the London bourse Sept. 25, according to a release.