Greystar-Led JV Acquires UK Student Housing Asset
- Mar 13, 2019
Greystar, along with joint venture partners PSP Investments and Allianz Real Estate, has purchased a student housing community in London’s Shoreditch neighborhood for more than $210 million from Apache Capital Partners.
The 458-bed property, Paul St. East, is located at 18 Paul St. in the heart of London’s tech quarter, near Amazon’s east London office. The JV’s acquisition adds another location to the Chapter community of London, a membership-style living experience for students. Mike Toone of Mitchell Torre Real Estate represented Apache Capital in the deal, while JLL represented Greystar and its joint venture partners.
“Greystar is excited to be expanding the Chapter portfolio with another high-quality student accommodation asset in London – which remains the premier global city for international students with its world-class universities and higher education institutions,” said Troy Tomasik, Greystar’s managing director of investments in the UK and Ireland. “We strongly believe that Paul St. East has significant long-term potential through integrating the asset with our Chapter brand to offer students the exceptional services and experiential living enjoyed at Greystar’s other Chapter residences.”
Last summer, the joint venture announced it had partnered in a $462 million equity investment strategy to grow Chapter, a student housing accommodation brand in London, with plans to double its portfolio and reach 10,000 beds within five years. That announcement was followed by Greystar launching its platform in France, with the opening of a Paris office.