Greystar Real Estate Partners is moving four of its most senior staff from its Charleston HQ in South Carolina to London as it looks to make an assault on the UK private rented sector.
It is also aiming to further grow its presence in student housing, having invested more than £2bn in the sector in the UK since it established its London office 18 months ago.
In part, the moves are designed to enable the company to begin developing its own property rather than buying standing investments.
Wes Fuller, executive managing director and global head of its investment management business, which has $11bn (£7.1bn) of assets under management, is crossing the Atlantic, as are Jeff Manno, managing director of portfolio management; Clay Wolford, senior director of investment management; and Andy Mest, managing director of development. All four are expected to complete their relocations within the next month.
They will join managing director Brett Lashley, who moved over to establish and head the London office.
“We are relocating additional senior members of the company to continue building a scalable and sustainable operating platform. This is a significant investment and it should illustrate to the market that our commitment is real and long-term,” said Lashley.
The company already has 98 UK corporate employees, of which only five have been brought over from the US, and a further 500 on site at its 52 assets, which total 22,700 beds.
Greystar operates 400,000 residences across the student, private rented and senior living sectors, the vast majority of which are in the US and Canada.
It is looking to replicate that dominance in the UK and Europe, although a move into the senior living sector is unlikely in the near future. It will look to invest predominantly in London outside Zone 1.
“There is tremendous demand from investors for income-producing real estate assets and these are global investors that put London on a par with New York as a leading global market,” said Fuller.
