EXPO REAL 2016: Student housing provider GSA and Singapore’s sovereign wealth fund GIC have announced a partnership to invest in the German student accommodation market.
The partnership is being seeded with a portfolio of close to 1,000 beds, which GSA acquired in June 2016. The portfolio includes assets in Frankfurt, Darmstadt, Munster and Dresden.
Madeleine Cosgrave, regional head, Europe, at GIC Real Estate, said: “We are excited to enter the German student housing market which is at an early stage of growth. We see good opportunities for consolidation as the market is highly fragmented.”
A further 1,500 beds are in the pipeline, which will be expanded though investments, developments and other partnerships. GSA has a target of 10,000 beds for the market.
GSA’s partnership with GIC will target the major university cities in Germany such as Berlin, Cologne, Frankfurt, Hamburg and Munich. The properties will be operated under the banner of GSA’s Uninest student residences brand.
GSA recently announced the acquisition of the Student Housing Company and its UK portfolio of more than 7,000 beds.
Advisers on the transaction were Nabarro, Freshfields, Osborne Clark and PwC.
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