The Competition and Markets Authority has approved Scape Living’s £970m takeover of GCP Student Living.
Scape Living and iQ – backed respectively by APG Asset Management and Blackstone – approached GCP with an offer this summer, subsequently agreeing a deal at 213p per share, a 9.3% premium to the company’s net tangible asset valuation.
The investors aim to take over and break up the 4,116-bed student portfolio. Scape Living will take the company’s assets in Wembley, Shoreditch (pictured), Brighton’s Circus Street, Bloomsbury and Guildford, equal to roughly 60% of the portfolio. iQ will take on close to 40% through sites in London’s Mile End, Brighton, Greenwich, The Pad and Podium in Egham, and Bristol’s Water Lane Apartments.
