GCP completes on Woburn Place
GCP Student Living has completed its acquisition from Unite of 19-29 Woburn Place, WC1, for £135m – a 4.5% yield.
The Bloomsbury residence has 427 rooms, most of which are studios. It was converted from an office in 2007 and is also one of Unite’s most expensive in terms of room rates, with bedrooms costing £300-£330 per week.
GCP has agreed a new financing agreement with PGIM Real Estate Finance to fund the purchase. It will increase its facility with PGIM from £130m by a further £40m.
GCP Student Living has completed its acquisition from Unite of 19-29 Woburn Place, WC1, for £135m – a 4.5% yield.
The Bloomsbury residence has 427 rooms, most of which are studios. It was converted from an office in 2007 and is also one of Unite’s most expensive in terms of room rates, with bedrooms costing £300-£330 per week.
GCP has agreed a new financing agreement with PGIM Real Estate Finance to fund the purchase. It will increase its facility with PGIM from £130m by a further £40m.
It has also entered a new £65m loan facility with PGIM, of which £50m has been drawn at a fixed-rate cost of debt of 2.82%.
GCP’s banking facilities now total £235m, of which £220m is drawn, at a blended cost of borrowing of 2.96% and with an average weighted maturity of 8.75 years. The loan-to-value of the company is now about 32%.
The new borrowings will primarily be used to fund further investments, including the acquisition and refurbishment of Woburn Place and the potential purchase of Podium, Royal Holloway London, which the company has conditionally agreed to acquire.
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