Allianz is acquiring an interest in Chapter alongside PSP Investments and Greystar’s current stake. This new partnership supports an expansion programme targeting 10,000 student beds and doubling the size of the portfolio within five years. The partnership’s strategy is to continue to grow the portfolio through acquisitions and new developments in addition to continuing to improve the existing assets and Chapter brand.
“This partnership marks an important step in the rapidly growing institutional-grade rental housing and student accommodation investment market in the UK,” said Bob Faith, Founder and CEO of Greystar. “We are excited to partner with PSP and Allianz on this exciting endeavour. We have a hugely ambitious target to scale the business to secure major operational efficiencies. This joint venture means we’re now in a strong position with tremendous financial resources to realise Chapter’s potential.
“We are very excited to welcome Allianz, an internationally renowned and respected real estate investor, into our established and successful partnership with Greystar,” added Stéphane Jalbert, Managing Director (Europe and Asia Pacific), Real Estate, PSP Investments. “Chapter is now a recognized, income-generating business and this new partnership will strengthen and grow this highly efficient purpose-built student accommodation platform.
“This joint venture with Greystar and PSP Investments underlines our strategic commitment to scale up our global allocation to high-quality student accommodation in established markets”, said Olivier Téran, CIO of Allianz Real Estate. “We look forward to playing a key role in supporting the partnership’s ambitious expansion plans and to making additional investments in the sector across the board.
Greystar and PSP Investments were advised by Eastdil Secured, LLC and Jones Day. Legal advisor for PSP Investments was Linklaters LLP. Allianz was advised by Savills and Herbert Smith Freehills.
Transaction is subject to customary regulatory approvals.
Press contact (UK) for Greystar:
Paul Browne, Iffat Memon
+44 20 8870 0367 or firstname.lastname@example.org / email@example.com
Greystar Real Estate Partners
+1 843.743.5875 or Liza.Kunkel@Greystar.com
Press contact for PSP Investments:
+1 514 218 3795
+49 89 3800 8236
+49 89 3800 8234
Citigate Dewe Rogerson (UK):
Nick Corrin / Hugh Fasken / Patrick Evans
+44 20 7638 9571 or AllCDRUKAllianzRealEstate@emea.incepta.net
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development and property management of rental housing properties globally. Headquartered in Charleston, South Carolina with offices throughout the United States, Europe, Latin America and Asia-Pacific, Greystar is the largest operator of apartments in the United States, managing over 435,000 units in over 150 markets globally, with an aggregate estimated value of approximately $80 billion. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $26 billion in gross assets under management including more than $9.7 billion of developments that have been completed or are underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental housing real estate business. Since entering the UK market in 2013, Greystar has built up a property portfolio worth £4.5 billion, representing over 32,000 units and comprising both student housing and multifamily rental accommodation. The company is an investor and operator of student brand Chapter and a shareholder in student accommodation provider iQ. To learn more about Greystar, visit Greystar.com
ABOUT PSP INVESTMENTS
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investment managers with CAD$153 billion of net assets as of March 31, 2018. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.
Chapter is a market leading student accommodation brand, providing premium student living in the best London locations. Chapter has 5,100 student beds in ten communities located in London fare zones 1 or 2, near top universities and excellent transport links. Chapter attracts a vibrant resident mix with both domestic and international students from over 105 countries. Chapter provides a totally unique living experience for students from across the globe. With its exclusive membership system, students who live with us have access to all amenities and events across our London residences, enabling them to build a city-wide community of friends whilst enjoying some of the most extraordinary living spaces in the London student market. Greystar is a leading, fully integrated US real estate firm and one that thousands of families from around the world trust to provide their children with a home away from home while completing their studies. With over 18 years’ experience in the student accommodation sector, Greystar has a long-standing reputation for world-class customer service and exceptional quality accommodation.