Greystar Acquires UK Student Housing Portfolio for $408M
- Feb 22, 2021
KKR has sold a portfolio of five student housing projects across the United Kingdom to Greystar Real Estate Partners, for $408 million (£291 million). The purpose-built student accommodation developments are located in London, Glasgow, Coventry and Bristol.
KKR acquired the 2,163-unit portfolio in 2018 and assigned Nido Student as property manager for the sites. The Bristol community is under construction and is set to open this fall. This month, DWS acquired a 357-bed student housing project in the same city for $77 million (£57 million). The asset is scheduled for completion in the third quarter ahead of the 2021-2022 academic year.
The U.K. remains one of the leading global destinations for higher education with the benefit of top-ranking universities and ongoing demand from international students. This demand is mirrored by the growing number of investors and developers looking to enter the market.
For example, in August 2020, CA Ventures launched a new property management platform to operate its growing student housing platform in Europe. The platform began by managing three communities in the U.K.—one in Sheffield, England, and two in Scotland.