LONDON—Greystar has completed the purchase of a portfolio of UK student housing assets, reportedly for more than $293 million (£174 million.)
The portfolio is comprised of Woodland Court, Wedgwood Court and Great Suffolk Street, three assets in Central London consisting of 1,129 beds in total. Greystar’s acquisition follows a previous acquisition of 21 properties and over 6,900 beds throughout London and the UK that Greystar acquired from the administration of Opal in October, 2013.
“This transaction aligns perfectly with Greystar’s strategy to acquire well-located, high-quality assets that will benefit from our organization’s track record of repositioning and improving assets in order to provide a superior living experience for our residents,” said Bob Faith, founder and CEO of Greystar. “We are committed to building a world-class platform in the U.K. for the management, development and investment of both the student accommodation and private rented sector assets.”
Greystar is the largest operator of apartment communities in the United States, with over 215,000 apartments under management and was the largest private acquirer of apartments globally in 2013. The company specializes in conventional apartment communities and student housing assets, operating principally in the US, but in addition to the UK, has also recently expanded into Mexico. Greystar has a stated intention to establish itself as a leading player in the UK student and private rented sectors.
“While there are differences between the US and UK markets, the demand for exceptional product and superb customer service is universal. We plan to make significant investments in this portfolio to upgrade the flats and transform the amenities” said Mark Hafner, Greystar’s senior managing director. “We believe there is a tremendous opportunity in the U.K. and are continuing to look at additional acquisition and development opportunities in PRS [private rented sector] and student accommodation.”