Global Student Accommodation (GSA) has entered the US market with the acquisition of 27 properties and a property management company.
GSA said it is buying the student properties from UCAL, the joint venture with University Communities and the California State Teachers’ Retirement System, a deal that adds 8,000 beds across 19 cities and 18 states to GSA’s portfolio.
GSA said has also acquired property management company UComm and has entered a forward arrangement with University Communities to work together in partnership on acquiring and developing future student housing properties in the US.
Financial details were undisclosed.
Will Rowson, CEO of GSA Investment Management, said: “Entering the US market and building a presence is another significant step for GSA. We have been patient to source the right opportunity that fits with our investment criteria and we are very pleased to have secured a major foothold across the country.
“We are confident this acquisition will enable us to develop significant scale, deliver on our investor promise and, most importantly, refresh the sector with our global student experience.”
GSA already operates in Europe, UAE and Asia-Pacific.
To read the digital edition of the latest IPE Real Assets magazine click here.