GIC and Unite Students have bought a student housing asset in the UK for £227m (€266m).

The Singaporean sovereign wealth fund said its joint venture with UK developer Unite Students has acquired Aston Student Village (ASV) in Birmingham.

GIC has been building up its exposure to global student housing markets. Last year, it bought a large UK portfolio from Oaktree Capital Management. 

Madeleine Cosgrave, regional head of Europe, GIC Real Estate, said ASV is a “high quality asset uniquely located both on-campus and in the city centre”.

She said: “We are confident in the long-term growth potential of this asset and the student housing sector which we find attractive for its resilient income streams.”

The asset, which includes 3,067 beds, is the first on-campus deal by Unite and GIC’s London Student Accommodation Joint Venture.

GIC signed up for a second joint venture with Unite, focused on London development projects, in 2012.