Singapore’s sovereign wealth fund and a big US property developer have agreed to buy a £3bn-plus portfolio of student housing, signalling confidence in the UK property market despite soaring inflation and rising interest rates.
Final bids for Student Roost, owned by Canadian fund Brookfield, were submitted on Friday, and GIC and Greystar emerged as the successful bidders overnight on Sunday with an offer of more than £3.3bn, according to people with knowledge of the process.
The pair have beaten a trio of competitors including US private equity giant Blackstone, UK company Unite Students and specialist student housing investor GSA, according to two people with knowledge of the deal.
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