American apartment investor Greystar has acquired its second portfolio of student beds in the UK with 71% debt financing from a US insurance giant.

American apartment investor Greystar has acquired its second portfolio of student beds in the UK with 71% debt financing from a US insurance giant.

The latest portfolio of Central London assets was sold by Unite Group, a London-listed student accommodation investor-development, for £174 mln (€213 mln).

The portfolio comprises a 230-bed complex on Great Suffolk Street in Southwark, the 573-bed Woodland Court near Caledonian Road in Islington and the 332-bed Wedgwood Court on Holloway Road in North London.

Laxfield Capital arranged a £123 mln (€151 mln) senior debt financing package from US insurer MetLife on Greytstar's behalf. This equates to a loan-to-value of 71%.

'This deal is a first in the UK for MetLife and Greystar, who have been working together for many years in the US real estate market,' Paul Wilson, managing director of real estate for MetLife in the UK, said.

Adam Slater, managing director for Laxfield, added: 'This high quality portfolio was an ideal transaction to cement further our relationship with MetLife, having arranged nine transactions since 2010 worth over £820 mln.'

Headquartered in Charleston, South Carolina, Greystar is the largest operator of apartments in the US, managing 215,000 units in over 100 markets. Greystar also has over $1.5 bn (€1 bn) of development underway. Globally it manages an institutional investment management platform with over $7 bn in assets in major markets.