GIC buys another European student property
Singapore’s sovereign wealth fund GIC with its partner Global Student Accommodation has plans to invest in student accommodation in Germany. No financial details were disclosed.
The German student housing joint venture between GIC and GSA follows a U.K. student housing partnership announced last week. GIC and GSA acquired a 7,150-bed U.K. student-housing portfolio from funds managed by Oaktree Capital Management for approximately $730 million.
The cornerstone investment of the German student housing partnership is a portfolio of close to 1,000 student beds, which GSA acquired in June 2016. The portfolio features properties in Darmstadt, Dresden, Frankfurt and Munster, as well as a pipeline of 1,500 beds, which will be expanded through investments, developments and by working with local property com