Greystar, PSP Investments and Allianz to acquire prime London student housing asset

Greystar Real Estate Partners with its partners, a subsidiary of the Public Sector Pension Investment Board and Allianz Real Estate, has exchanged contracts to acquire a large purpose-built student accommodation (PBSA) asset in London’s Shoreditch from Apache Capital Partners.

“By being an early mover into U.K. PBSA and creating a genuinely premium product, we have delivered exceptional returns for our investors, which further underpins our rationale behind our current strategy with Moda Living in build-to-rent, where we are creating one of the largest branded portfolios with a similar focus on prime locations and high-quality amenity and services,” said John Dunkerley, CEO at Apache Capital Partners.

The purchase of the Paul St. East scheme — in the heart of London’s tech quarter and close to Amazon’s east London office — for in excess of £160 million ($209 million) is one of the biggest single-lot transactions in the history of Britain’s PBSA sector