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GIC and US property developer jointly offer $5.7 bil to buy student housing portfolio

Felicia Tan
Felicia Tan5/30/2022 04:02 PM GMT+08  • 1 min read
GIC and US property developer jointly offer $5.7 bil to buy student housing portfolio
The city of London. Photo: Bloomberg
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Singapore sovereign fund GIC and major US property developer Greystar, have made an offer in excess of £3.3 billion ($5.7 billion) to buy student housing portfolio, Student Roost, according to the British newspaper Financial Times.

Student Roost, which was put on the market earlier this year amid the easing Covid-19 restrictions, is owned by Canadian fund Brookfield.

The bid, which was submitted on Friday (May 27), saw GIC and Greystar emerging as the successful bidders on Sunday.

The pair beat a trio of competitors that included US private equity giant Blackstone, UK company Unite Students and specialist student housing investor GSA, according to the Financial Times’ sources.

The transaction is among the largest real estate deals in the UK since the Covid-19 pandemic struck, says the paper.

Brookfield was advised by Eastdil Secured and Morgan Stanley on the deal.

See also: Copen Grand fully sold, with remaining units snapped up by second-time buyers

Brookfield and Greystar declined to comment, while GIC did not immediately respond to a request for comment.

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