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Agreement Reached for £3.3bn Student Housing Deal

Posted by Calum Martin in ,

Image courtesy of Flickr, Creative Commons

Sovereign wealth fund GIC Private Ltd and developers Greystar Real Estate Partners have agreed on the purchase of a student housing portfolio in the UK.

Owned by Canadian fund Brookfield, the Student Roost accommodation portfolio was sold in a transaction worth over £3.3bn, despite rising inflation and interest rates. The portfolio comprises more than 20,000 student beds in the UK, as well as approximately 3,000 further beds in the development pipeline.

This is not the first entry into the student accommodation market for US developers Greystar, who already operate the Chapter housing brand.

GIC has made a number of investments in UK student accommodation over the past decade, which include several purchases made with Unite Students.

The transaction is expected to close in the third quarter of 2022.

Lee Kok Sun, chief investment officer for real estate at GIC commented on the deal: "We are confident that Student Roost will continue to offer high-quality purpose-built student accommodation with good occupancy rates at a competitive rental price point which attracts demand from both local as well as international students."