Singaporean wealth fund GIC and Greystar Real Estate Partners have emerged as the successful bidders for UK student accommodation provider Student Roost.
The deal, valued at some £3.3bn, according to a person close to the transaction, sees Brookfield offload the business that it has been growing since an initial portfolio investment in 2016.
Today Student Roost is the UK’s third largest student accommodation provider, with more than 23,000 beds. Its development pipeline comprises a further 3,000 beds in several university cities, including those home to Russell Group institutions.
The deal is expected to close in the third quarter of 2022.
Lee Kok Sun, chief investment officer of real estate at GIC, said the buyers were confident that the company “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”.
Mark Allnutt, senior managing director for Europe at Greystar, added: “We have been active investors, developers and managers of student housing in the UK since 2013, through our ownership in IQ until 2020, Chapter Living and the recently launched Canvas brand.”
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