Greystar Buys $1 Billion Australian Student-Housing Portfolio
- Landlord is buying seven properties from GIC, Wee Hur
- Beds near universities in cities including Sydney, Melbourne
The Sydney, Australia skyline. Greystar already manages over $17.8 billion in student housing assets globally, serving more than 82 universities, its website shows.
Photographer: Cameron Spencer/Getty Images
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Real estate owner and developer Greystar acquired a student housing portfolio in Australia for A$1.6 billion ($1 billion).
The seven-property portfolio includes 5,662 beds located near Australian universities in Sydney, Melbourne, Brisbane, Adelaide and Canberra, Greystar said in a statement seen by Bloomberg News. The Charleston, South Carolina-based firm is buying the assets from Singapore’s GIC Pte and Wee Hur Holdings Ltd., the latter of which will retain a minority interest in the portfolio, a Greystar spokesman said.