APG, Blackstone, and Scape Living to Buy GCP Student Living
Posted on 07/17/2021
Gravis Capital Management Ltd. manages U.K. listed GCP Student Living plc. APG Asset Management N.V holds approximately 11.1% of GCP Student Living’s issued share capital.
An investor group led by Scape Living plc and iQSA Holdco Limited made an offer to buy GCP Student Living. GCP’s assets will be acquired by Gemini Jersey JV L.P., a newly formed joint venture between Scape and iQSA. The transaction deal value is at 969 million GBP.
iQSA Holdco Limited is owned by the Blackstone Group (Blackstone Group International Partners LLP). London-based Scape Living will own about 60% of the total value of GCP’s real estate assets, with the rest to be held by iQSA, under the terms of the recommended deal. APG is an investor in Scape Living. Scape Living is an investment vehicle managed by Scape that was established in 2020 with funding from APG. Scape is a global operator and developer of purpose-built student accommodation (PBSA) and residential property across the U.K., USA, Australia, and Ireland. APG is one of the main investors in the various investment and development vehicles managed by Scape globally, including Scape Living and Scape Australia.
The consortium formed by Scape Living and iQ is partially funded by their respective primary shareholders, being funds managed by APG Asset Management and the Blackstone Funds. iQ was acquired from Goldman Sachs and the Wellcome Trust by Blackstone in 2020 in what was the U.K.’s largest private real estate deal.
Asset Splits After Sale
GCP Real Estate Assets to be transferred to Scape Living: (i) Wembley; (ii) Shoreditch; (iii) Circus Street; (iv) Bloomsbury and (v) Guildford representing 60.05%. of the total value of all GCP Real Estate Assets; and GCP Real Estate Assets to be transferred to iQ: (i) Mile End; (ii) Brighton; (iii) Greenwich; (iv) The Pad; (v) Podium; and (vi) Water Lane Apartments representing 39.95% of the total value of all GCP Real Estate Assets.
Kirkland & Ellis International LLP is acting as legal adviser to iQ, Blackstone and Bidco. Simmons & Simmons LLP is acting as legal adviser to Scape Living, APG and Bidco.
Gowling WLG (UK) LLP is acting as legal adviser to GCP.
Jefferies is the financial advisor for GCP Student Living. Citi and Lazard are advising the buyers.