Grosvenor Group has teamed up with a Sao Paulo-based real estate investment manager to invest in student housing in Brazil.

The international property firm’s indirect investment team has partnered with VBI Real Estate to provide some of the first dedicated student housing in the country.

Grosvenor said the joint venture with VBI will create student accommodation across the south and southeast of Brazil, in cities including Rio de Janeiro and Sao Paulo.

The strategy is to acquire existing buildings located near to university campuses and retrofit them into student housing facilities.

These facilities will be operated by ULiving, a fully focussed student accommodation property manager in Brazil.

Andy Yates, investment director, indirect investment at Grosvenor Group, said: “The student housing sector has become an institutionally recognised asset class globally and this is an exciting opportunity to invest in a structurally under-supplied marketplace.

“We are looking forward to working with a great team of local specialists to provide professionally managed, dedicated accommodation for local and international students enabling them to make the most of their university experience.”

Ken Wainer, co-founder of VBI, said: “Grosvenor’s management culture and insights from its previous investments in student housing are immediately applicable to our Brazilian venture.”