GIC and Greystar announce acquisition of Student Roost from Brookfield

GIC and Greystar Real Estate Partners have formed a joint venture that has signed an agreement to acquire Student Roost, the U.K.’s third-largest purpose-built student accommodation (PBSA) provider from one of Brookfield’s real estate private funds. The transaction is expected to close in the third quarter of 2022 and is subject to customary closing conditions.

Student Roost’s high-quality portfolio comprises more than 23,000 beds with a secured development pipeline of approximately 3,000 further beds covering key U.K. university cities, many of which are home to prestigious Russell Group institutions. Student Roost is well-positioned to benefit from strong demand growth in the leading U.K. higher education accommodation market.

“This acquisition adds to our portfolio of over 120,000 student beds globally,” said Mark Allnutt, senior managing director – Europe, Greystar. “We have been active investors, developers and managers of student housing in the Unit