Ashurst advises Citigroup Global Markets Limited and Lazard in relation to the GBP969m offer
16 July 2021
GCP is a FTSE 250 company focused on investing in student residential assets and currently has a portfolio of 11 assets, approximately 81% (by reference to the total value of the portfolio as at 30 June 2021) of which are located in and around London in addition to assets in Brighton and Bristol and is an externally managed REIT. Both of the consortium members have significant development, investment and operating experience in the UK purpose built student accommodation market and an established track record of successfully acquiring and integrating purpose built student accommodation portfolios. It has been agreed that, following the completion of the acquisition of GCP, the GCP portfolio will be divided between them and integrated into their leading UK purpose built student accommodation portfolios. The consortium is partially funded by their respective primary shareholders, being funds managed by APG Asset Management N.V. and Blackstone.
Citi and Lazard are acting as joint financial advisers to Gemini Jersey JV LP in relation to the offer.
The Ashurst team is being led by partners Karen Davies and Tim Rennie, supported by senior associate Darren Phelan and associates Colin Bugler and Anxin Hua.
