European insurer Allianz said on Friday it had agreed to a joint venture with asset manager Greystar Real Estate Partners and Canada’s Public Sector Pension Investment Board (PSP Investments) to develop U.K. student housing.
Allianz said the equity value of the deal, executed by its real estate arm on behalf of various Allianz insurance companies, was around 350 million pounds (US$465.05 million).
The deal sees Allianz take a stake in London-focused Chapter alongside existing investors Greystar and PSP Investments, Allianz said in a statement. The company aims to double the size of its portfolio to 10,000 student beds within five years, it said.
(Reporting by Simon Jessop; editing by Emma Rumney)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)