Singaporean wealth fund GIC said that it and GSAbought a portfolio of student accommodation in the U.K. from funds managed byOaktree Capital Management LP.
GIC did not disclose the price for the 7,150-bedportfolio, but IPE Real Estate saidin a Sept. 29 report citing media reports that the transaction came with anapproximately £700 million price tag.
The wealth fund said in a statement that the deal isthe biggest in the sector year-to-date.
The portfolio is spread across six university citiesin the country, namely Liverpool, Bristol, London, Edinburgh, Cardiff andSouthampton, according to the statement. About 3,634 beds in the portfolio areoperational.
Also part of the deal is a pipeline of 3,516 beds inthe cities of Plymouth, Portsmouth, Birmingham, Bournemouth and Cambridge,which is expected to be delivered over the next 30 months.
GSA separately bought The Student Housing Co.'soperating platform, Threesixty Developments, and will assume full operationalmanagement of the portfolio with immediate effect. The platform has propertiesthat are fully let for the 2016/17 academic year.
GSA was foundedby Nicholas Porter.