Greystar has announced the acquisition of a seven-asset, 5,662-bedroom PBSA portfolio in Australia for $1.6bn.
The transaction marks a significant milestone for Greystar as it solidifies its presence in the Australian market and highlights its commitment to addressing growing demand for high-quality student housing.
“This acquisition is a pivotal step in Greystar’s Australian journey. We are committed to delivering exceptional housing solutions that meet the needs of students while enhancing the quality and functionality of these properties.”
Wes Fuller, Chief Investment Officer. Greystar
The portfolio, spanning Sydney, Melbourne, Brisbane, Adelaide and Canberra, is strategically located within close proximity to leading Australian universities and the assets offer strong foundations for future enhancements.
Greystar plans to upgrade the facilities, refresh branding, and integrate its operational platforms to elevate the resident experience.
“Australia’s student housing sector is experiencing strong demand, driven by its world-class education institutions, a growing international student population, and an undersupply of institutional-quality housing. Our focus is on creating welcoming, thoughtfully designed spaces that support students in achieving their academic and personal goals.
“By leveraging our global expertise and integrating Greystar’s operational platforms, we aim to set new benchmarks for quality and service. This acquisition allows us to deliver superior living environments while strengthening Australia’s position as a premier destination for international education.”
Adam Pillay, Executive Director, Investment Management, Asia-Pacific, Greystar
Greystar’s expansion into Australian student housing complements its existing developments, including The Gladstone, a recently opened Build to Rent community in Melbourne.
These efforts demonstrate Greystar’s ability to adapt its global expertise to meet the specific needs of regional markets, enhancing housing options for diverse communities.
This acquisition not only reinforces Greystar’s position as a global leader in PBSA, but it also underscores its commitment to developing innovative housing solutions that meet the evolving needs of residents and support local communities.
