Global Student Accommodation (GSA) has acquired seven purpose built student accommodation (PBSA) assets from Harrison Street.
The transaction combines the acquisition of Harrison Street’s interest in six assets held in an existing joint venture partnership with GSA, and the acquisition of Scotway House, Glasgow, which Harrison Street held in a joint venture partnership with Structured House Group.
Located in top-tier university cities across the UK, the portfolio of seven properties consists of 2,171 beds serving students attending City University of London, London School of Economics, Newcastle University, Northumbria University, University of Lincoln, Nottingham Trent University, Sheffield Hallam University, University of Exeter, and University of Glasgow.
James Hunt, Global Head of Real Estate at GSA, said:“GSA remains a firm advocate of the resilience of the student housing sector in the UK and I am delighted to be taking full ownership of our assets following a successful joint venture with our long-term partner Harrison Street. As well as unlocking long-term potential and generating secure returns, this transaction is an opportunity to deploy our growth strategy in the market with the acquisition of Scotway House. Additionally, bringing this market-leading asset into our global portfolio allows us to expand our partnership with GSA’s global operating partner, Yugo, to further support the students we house.”
Paul Bashir, Chief Executive Officer of Harrison Street Europe, said: “We are pleased to have completed the sale of these seven, high-quality PBSA assets, which serve students at leading universities and institutions throughout the UK, in a portfolio with one of the strongest operational track-records to have transacted in the past year. GSA is a trusted and highly valued partner for Harrison Street as well as a best-in-class developer and manager of PBSA globally. We are confident they will be excellent stewards of these properties going forward.”