Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing, has agreed to acquire four purpose-built student accommodation (“PBSA”) buildings and a build-to-rent (“BTR”) asset for GBP388 million from Downing on behalf of a managed fund in an open market bidding process. The acquisition is subject to regulatory approvals.
The four PBSA assets comprise a total of 1,807 beds in the leading university cities of London, Manchester and Coventry. The Build to Rent asset is also located in Coventry and comprises 100 homes, which Greystar will operate as young professional (under-25) housing. Both the PBSA and BTR assets are currently operational with strong occupancy, boasting high-quality amenities including gyms, cinema rooms and terraces.
Greystar will deliver additional value through the implementation of its vertically integrated platform to drive leasing, make asset improvements and implement other capital projects, such as the creation of new amenities.
While the two London assets in Lambeth and North Acton will be added to the Chapter portfolio, the assets in Manchester and Coventry will operate under a new pan-European student and young professional accommodation brand unveiled for the first time by Greystar as Canvas. The new brand has already been applied to the assets acquired from Nido last year – namely five assets in the UK located in Bristol, Glasgow, Coventry and London (Walthamstow and Wembley) and one in Utrecht, the Netherlands.
Developed entirely in-house by the Greystar Marketing, Brand and Insights team, Canvas aims to support people during a significant period of their life by providing a safe and sustainable living environment. Canvas is part of a multi-asset brand strategy linked to a licence model that offers Greystar’s partners a broader branding service, where they can benefit from tapping into a wider footprint and the financial efficiencies of scale.
Chapter currently contains 11 premium London student accommodation buildings (5,642 beds) in Zone 1 and 2 locations including Spitalfields, South Bank, Old Street and Highbury. The addition of the two new assets will add a further 630 beds to the portfolio.
Source: greystar.com on the 26th of January