Greystar Real Estate Partners and Singaporean sovereign wealth fund GIC have closed the acquisition of Student Roost, the UK’s third largest purpose-built student accommodation (PBSA) provider, from one of Brookfield’s real estate private funds.
Financial details for the deal, which was first announced in May 2022, were not disclosed, but the transaction is believed to be worth about £3.3 bn (€3.88 bn).
The PBSA platform will continue to operate under the Student Roost brand and be led by managing director Jess Gallop, formerly director of people & organisational effectiveness.
Greystar will be responsible for growing Student Roost and for asset and operational enhancements, leveraging on its decade-long experience as an active investor, developer and manager of student housing.
The transaction foresees the divestment of two of Student Roost’s assets, The Heights (909 beds) and The Old Fire Station (483 beds), both in Birmingham, in a sale managed by JLL.
Mark Allnutt, senior managing director – Europe, Greystar, said: ‘The successful financial close of Student Roost marks an important milestone in Greystar’s UK growth strategy and adds an outstanding business to our existing portfolio of over 120,000 student beds globally. It also builds our footprint in UK PBSA, which is characterised by an imbalance in the supply of high-quality and professionally managed assets. Student Roost is synonymous with attractive facilities and outstanding services, and we are committed to further improving the offering to appeal to a wider and more diverse student base.’
Jess Gallop, managing director – Student Roost, added: ‘Student Roost is widely known for the quality of its all-round resident experience, centred around student wellbeing, extensive amenities and professionally run accommodation. I look forward to working closely with Greystar, GIC and the existing team to take that to the next level and capitalise on the significant opportunities that lie ahead for the business.’
Lee Kok Sun, CIO of Real Estate, GIC, commented: ‘GIC is pleased to close on Student Roost, the UK’s third-largest student accommodation provider. This partnership with Greystar will provide a strong platform for Student Roost to pursue further growth while continuing to offer exceptional purpose-built student accommodation with good occupancy rates. We look forward to working closely with them both.’
Student Roost’s portfolio comprises of over 23,000 beds with a secured development pipeline of an additional 3,000 beds in key UK student cities.