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GIC, Greystar buy UK’s third-largest student accommodation provider in GBP3.3 bil deal

By Atiqah Mokhtar

/ EdgeProp Singapore |

May 31, 2022 6:22 PM SGT

GIC has jointly acquired student accommodation provider Student Roost which has locations across 20 UK cities, including Liverpool (pictured) (Picture: Neil Martin/Unsplash)

SINGAPORE (EDGEPROP) - GIC has formed a joint venture with US-based real estate company Greystar Real Estate Partners to acquire Student Roost, a purpose-built student accommodation (PBSA) provider in the UK, from asset manager Brookfield.

See also: Mapletree acquires student housing portfolio in UK for about $300 mil

According to sources cited by Bloomberg and the Financial TImes, the deal values Student Roost at roughly GBP3.3 billion ($5.7 billion). Other parties that were reportedly interested in the company include private equity firm Blackstone and UK-listed Unite Students.

Student Roost, which has a portfolio of over 23,000 beds across 20 cities, is the third-largest PBSA provider in the UK, according to a May 30 press release by GIC. It also has a development pipeline of approximately 3,000 further beds.

“We are confident that Student Roost will continue to offer high quality PBSA with good occupancy rates at a competitive rental price point which attracts demand from both local as well as international students,” says Lee Kok Sun, chief investment officer of real estate at GIC.

Tracy Stroh, GIC’s region head of europe, real estate, adds that demand for PBSA is expected to be boosted by growing student enrolment in UK education institutions over the longer term. “ We look forward to working closely with Greystar and Student Roost to deliver value-add such as refurbishing the existing assets to continue offering attractive student accommodation in a competitive market,” she says.

Tags:

GIC Greystar Real Estate Partners purpose-built student accommodation UK

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