Global Student Accommodation Group and Coral Portfolio have announced that GSA’s investment management division has completed the acquisition of the remaining 50% of Coral Portfolio.
The deal completes GSA Group’s integration of Coral Portfolio following the acquisition of an initial 50% stake in May 2014.
The business will be rebranded as GSA Coral and will continue to offer investors access to the student accommodation sector through its EU-regulated fund platform.
GSA’s management team has created over $7.5bn of student accommodation in 44 cities and eight countries, with an ongoing development pipeline in Australia, Ireland, Japan, Europe, UAE and the UK.
The rebranded GSA Coral will continue to utilise a broad range of funds and investment strategies otherwise only available institutionally.
Coral Portfolio was established in 2008 as the first EU-regulated fund vehicle for investors wishing to benefit from the robust returns generated by purpose built student housing.
It is also the first student accommodation fund to go global, acquiring assets in growing markets, such as Australia, as well as securing first-mover advantage in new student housing markets, such as Dubai.
The portfolio is building a global presence at a time when the number of students enrolling at university is forecast to grow by almost 100 million worldwide over the next 10 years.
Nicholas Porter, executive chairman of GSA Group, said: “This is a unique marriage of experience and expertise in student accommodation as we combine our successful business models on a truly global stage. GSA Coral will continue to offer our investors the opportunity to participate in the growing Student Accommodation sector via a platform of transparent, regulated funds managed with careful attention to risk management and the highest standards of service delivery. The coming months hold great promise as we tap into an exciting and dynamic new sector and we look forward to working with existing and new investors to continue to grow the fund and maximise returns.”
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