Greystar and GIC Realty have sold two Student Roost assets, the Heights and the Old Fire Station in Birmingham, to Greystar Equity Partners Europe I.
The joint venture partners acquired purpose-built student accommodation provider Student Roost from Brookfield for £3.3bn in December 2022 after the transaction was cleared conditionally by the Competition and Markets Authority.
Since entering the UK PBSA market in 2013, Greystar has established its Chapter Living brand in London and introduced its pan-European Canvas brand to the UK with properties in London, Coventry, Manchester and Glasgow.
Following the sale, the 909-bed Heights and 483-bed Old Fire Station will be operated by GEPE I’s Canvas brand.
Mark Allnutt, executive director of Europe at Greystar, said: “We are pleased the CMA has cleared our discretionary fund GEPE I to acquire these assets from the Student Roost portfolio, as it will allow us to expand the Canvas brand to Birmingham.
“We are now focused on providing a smooth transition for residents and team members at the Heights and the Old Fire Station, so they can continue having a great experience.”
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