GCP Student Living plc (the "Company" or "Group")               

                     Dividend Declaration and Net Asset Valuation                  

    The Board of the Company is pleased to announce a second interim dividend of
    1.41 pence per ordinary share, in respect of the quarter ended 31 December
    2015. The second interim dividend will be paid on 4 March 2016 to ordinary
    shareholders on the register as at 5 February 2016. A dividend of 1.41 pence
    per ordinary share will be paid as a REIT property income distribution ("PID")
    in respect of the Group's tax exempt property rental business.

    As at close of business on 31 December 2015, the unaudited estimated EPRA net
    asset value per ordinary share of the Company has increased to 135.35 pence
    from 133.47 pence at 30 September 2015. The EPRA net asset value includes
    income for the period (cum-income) and does not include a provision for an
    accrued dividend for the quarter to 31 December 2015. The EPRA net asset value
    (ex-income) is 133.94 pence per ordinary share.

    As at 31 December 2015, the valuation of the Company's portfolio was £
    400.5 million. 

    The Company's factsheet for the quarter ended 31 December 2015 will shortly be
    available for review on the Company's website: http://www.gcpuk.com/
    gcp-student-living-plc

    28 January 2016

    For further information please contact:

    Gravis Capital Partners LLP

    Tom Ward                tom.ward@gcpuk.com             020 7518 1496
    Nick Barker              nick.barker@gcpuk.com          020 3142 7869

    Cenkos Securities plc

    Dion Di Miceli           ddimiceli@cenkos.com            020 7397 1921
    Sapna H. Shah         sshah@cenkos.com                020 7397 1922
    Tom Scrivens           tscrivens@cenkos.com           020 7397 1915

    Buchanan

    Charles Ryland         charlesr@buchanan.uk.com     020 7466 5000
    Vicky Watkins         victoriaw@buchanan.uk.com

    About GCP Student Living plc

    The Company was the first student accommodation REIT in the UK. The Company
    mostly invests in modern, purpose-built, private student residential
    accommodation and teaching facilities. Facilities will be located primarily in
    and around London where the Investment Manager believes the Company is likely
    to benefit from supply and demand imbalances for student residential
    accommodation.

    The Company owned and operated c.1,800 beds across five properties and had a
    gross asset value of c.£413.3 million at 31 December 2015.

    The Company's assets are primarily occupied by international students and offer
    new high specification facilities and hotel-level concierge type services which
    are attractive to overseas students.