Simmons & Simmons is advising Gemini Jersey JV L.P., a bidco owned by a consortium formed by Scape Living PLC and iQSA, and APG Asset Management N.V., on the consortium's £969 million recommended cash offer for GCP Student Living plc. The consortium is partially funded by their respective primary shareholders, being funds managed or advised by APG and Blackstone.
GCP, a FTSE 250 company, was the first real estate investment trust in the UK to focus on student residential assets. GCP currently has a portfolio of 11 assets, primarily located in and around London, in addition to Brighton and Bristol.
In connection with the acquisition, the consortium has entered into a separation arrangement pursuant to which it is intended that GCP's assets will be split among each of Sierra Living and iQ as soon as possible following completion of the acquisition.
The Simmons team is led by corporate partner Jason Daniel and includes corporate partners Mark Curtis and Gideon Sharp, real estate partner Ali Crosthwaite, tax partner Nick Cronkshaw, competition partner Satyen Dhana and corporate supervising associates Tom Grace and Tom Smith.
Commenting on the offer, Jason said: "We are pleased to be involved in this significant consortium break-up bid. Complex by nature, the transaction is made more challenging by being one of the first to take place under the new Takeover Code regime."