SINGAPORE sovereign wealth fund GIC and student accommodation operator GSA said in a joint press release that they are partnering to invest in the German market.
Without disclosing dollar numbers, the two said the cornerstone investment of the partnership is a portfolio of around 1,000 student beds that GSA acquired in June 2016.
Other than properties in the German cities of Frankfurt, Darmstadt, Munster and Dresden, there is a pipeline of 1,500 beds, the release said.
"As Europe's largest student market, Germany presents a significant opportunity for GSA's planned European expansion and the company has set an initial target of opening 10,000 beds," it said.
"The properties will be operated under the banner of GSA's Uninest student residences brand, which provides specialist management, taking care of everything from viewing to booking to billing, high-speed internet provision, and on-site community management."
Last week, GIC and GSA said they bought a portfolio of student accommodation properties in the UK.
The portfolio was built over the last three years and includes 3,634 operational beds across nine student accommodation properties in the six top university cities of Liverpool, Bristol, London, Edinburgh, Cardiff and Southampton. The deal also includes a pipeline of 3,516 beds in the cities of Cambridge, Plymouth, Portsmouth, Birmingham and Bournemouth.