Blackstone-backed iQSA and Scape Living to buy GCP Student Living for $1.3b

Student housing providers Scape Living and Blackstone-backed iQSA have agreed to buy GCP Student Living for $1.3 billion.

GCP's assets, primarily located in in London and the South Eastwill, be acquired by Gemini Jersey JV, a newly formed joint venture between Scape and iQSA.

London-based Scape Living will own 60 percent 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.

Dutch pension provider APG, which backs Scape living, also owns an 11.1 percent stake in GCP.