Transactions - SEPTEMBER 29, 2016

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GIC buys U.K. student housing portfolio

by Andrea Waitrovich

GIC, Singapore’s sovereign wealth fund, in partnership with U.K.-based Global Student Accommodation, has acquired a 7,150-bed U.K. student housing portfolio from funds managed by Oaktree Capital Management.

The portfolio has been built within the past three years and includes 3,634 operational beds across nine purpose-built student accommodation properties located in six top university cities: Bristol, Cardiff, Edinburgh, Liverpool, London and Southampton. The deal also includes a pipeline of 3,516 beds in five cities — Birmingham, Bournemouth, Cambridge, Plymouth and Portsmouth — which GSA will rapidly bring online over the next 30 months.

Separately, GSA has acquired a student housing portfolio from Threesixty Developments, the operating platform of The Student Housing Co. The properties are fully leased for the 2016–2017 academic year. GSA will take over the full operational management of the portfolio immediately.

The 7,150

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