Goldman Sachs, Wellcome Trust, Greystar merge student housing firms

Goldman Sachs, Wellcome Trust and Greystar have merged their UK student housing platforms to create Vero Group.

The new company consolidates two student accommodation brands: iQ, owned by the Wellcome Trust, and Prodigy Living, owned by Goldman Sachs and Greystar.

iQ and Prodigy Living will continue to operate under their respective brands and the company will be headquartered in London.

The joint venture partners plan to expan and modernise the portfolio which includes 23,500 beds across 54 sites.

Richard Spencer, managing director at Goldman Sachs, said: “We are committed to building the UK’s leading student accommodation provider, offering the best resident experience in the sector to our university and student customers.”

Peter Pereira Gray, managing director of the investment division at the Wellcome Trust, said: “The Wellcome Trust is a long-term investor in the UK student accommodation sector.

He added: ”We now have the scale and resources required to meet the highest expectations of student and university customers alike through our ongoing investment in the existing portfolio, by attracting retaining and motivating the highest calibre employees, and by pursing further growth opportunities.”

Wes Fuller, executive managing director of Greystar, said: “One of Greystar’s goals when entering the UK market was to build an industry-leading student housing organisation and this transaction accomplishes the goal.”