Greystar Real Estate Partners and GIC have completed their £3.3bn acquisition of student accommodation provider Student Roost from Brookfield.
Mark Allnutt, Greystar’s senior managing director for Europe, described the deal as “an important milestone in Greystar’s UK growth strategy”, boosting its business in the UK, “which is characterised by an imbalance in the supply of high-quality and professionally managed assets”.
Greystar has more than 120,000 student beds globally and entered the UK student accommodation market in 2013.
Greystar and GIC will keep the Student Roost brand, with the business run by managing director Jess Gallop. The company has more than 23,000 beds and a secured development pipeline of a further 3,000.
In order to assuage concerns from the Competition & Markets Authority, the buyers have also agreed to sell two sites in Birmingham. Those are now being marketed by JLL.
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