Gowling WLG is advising GCP Student Living plc ("GCP Student") on a recommended cash takeover offer from Gemini Jersey JV L.P, a bidco formed by a consortium of Scape Living PLC and iQSA Holdco Limited. The consortium is partially funded by their respective primary shareholders, being funds managed by APG Asset Management N.V. and certain funds managed by Blackstone.
The takeover offer values GCP Student at £969 million on a fully diluted basis. The transaction is expected to complete during the fourth quarter of 2021.
GCP Student is a constituent of the FTSE 250 and was the first UK student accommodation REIT listed on the London Stock Exchange. It focuses primarily on investing in large-scale student accommodation assets in and around London.
Gowling WLG advised GCP Student on its IPO in 2013 and subsequently acted on its assembly of a high quality real estate portfolio. Corporate partners Oliver Riley and Sunil Kakkad are leading a cross firm team advising on the takeover offer supported by senior associate Emily Airton (corporate) and partner Samuel Beighton (competition).