GIC and Greystar acquire Student Roost from Brookfield

GIC and Greystar announce the acquisition of Student Roost - the UK’s third largest purpose-built student accommodation provider.

Student Roost's Home Park student development in Bournemouth - GIC | Brookfield | Greystar | PBSA News
Student Roost's Home Park student development in Bournemouth.

Global institutional investor – GIC – and Greystar announce that they have formed a joint venture which has signed an agreement to acquire Student Roost – the UK’s third largest purpose-built student accommodation (PBSA) provider from one of Brookfield’s real estate private funds.

“GIC is pleased to invest in Student Roost, UK’s third largest student accommodation platform. We are confident that Student Roost will continue to offer high quality purpose-built student accommodation with good occupancy rates at a competitive rental price point which attracts demand from both local as well as international students.”

Lee Kok Sun, Chief Investment Officer of Real Estate, GIC

The transaction is expected to close in the third quarter of 2022 and is subject to customary closing conditions.

“We are thrilled to welcome the Student Roost team to Greystar. This acquisition adds to our portfolio of over 120,000 student beds globally. We have been active investors, developers and managers of student housing in the UK since 2013, through our ownership in IQ until 2020, Chapter Living and the recently launched Canvas brand. GIC are one of our most important global investment partners and we are excited to extend our partnership to the UK and in student housing, which given the fundamentals, is one of our highest conviction investment strategies globally.”

Mark Allnutt, Senior Managing Director – Europe, Greystar

Student Roost’s high-quality PBSA portfolio comprises over 23,000 beds with a secured development pipeline of approximately 3,000 further beds – covering key UK university cities, many of which are home to prestigious Russell Group institutions.

“Over the past six years, we have invested to transform Student Roost from a small portfolio of externally- managed assets, into one of the UK’s largest PBSA providers with fully integrated operations, growth, sales and marketing capabilities. In partnership with Student Roost’s high-quality management team and founder Tim Butler, Student Roost is now a brand that appeals to a diverse and growing student base.”

Brad Hyler, Managing Partner and Head of Brookfield’s European real estate business

“We are proud of what we have built at Student Roost and the high-quality facilities and services that we offer our students. We are grateful to Brookfield for our partnership, and we look forward to working with GIC and Greystar as we continue to expand our portfolio and deliver an outstanding experience for our residents.”

Nathan Goddard, CEO, Student Roost

Student Roost is well-positioned to benefit from strong demand growth in the leading UK’s higher education accommodation market.

“We expect student enrolment to grow over the longer term. This will boost demand for well-located, purpose-built student accommodation. We look forward to working closely with Greystar and Student Roost to deliver value-add such as refurbishing the existing assets to continue offering attractive student accommodation in a competitive market.” 

Tracy Stroh, Region Head of Europe, Real Estate, GIC