GSA and Harrison St buy central London student housing asset
Global Student Accommodation Group (GSA) and Harrison Street have strengthened their relationship with a new joint venture to buy to a 350-bed student accommodation asset in central London.
The duo said the new venture – which follows similar partnerships in the UK, Ireland and Spain – will buy and refurbish the 9-storey purpose-built student accommodation (PBSA) asset The Curve in London’s Whitechapel neighbourhood.
Financial details were undisclosed.
The companies said the refurbishment plan for the residential tower covers all rooms and common areas which includes 266 studios and 84 en-suite beds.
Rob Mathias, senior managing director and head of international business for Harrison Street, said: “London is one of the most attractive destinations in Europe for university students, yet the city continues to suffer from a significant undersupply of PBSA given constraints around new property construction and other barriers to entry.
“We are excited to continue to build upon our successful partnership with GSA, a best-in-class partner in the student accommodation sector, to identify and provide London-based students with access to well-appointed, modern, high-quality housing options.”
Mathias said The Curve meets all Harrison Street’s criteria when selecting sites for PBSA given its accessibility to multiple university campuses, central location and top-tier amenities.
”We look forward to growing our global student housing platform across leading European markets.”
Nicolas Porter, executive chairman at GSA said: “ While London maintains its reputation for having some of the best academic institutions globally there will continue to be high demand for world-class purpose-built student accommodation from both domestic and international students, and we’re delighted to continue our longstanding partnership with Harrison Street.”
Harrison Street and GSA launched a programmatic joint venture in December 2015 that currently includes 24 properties, comprised of 3,303 PBSA beds in Ireland, 2,437 beds in Spain and 2,122 beds in the UK.