GSA and Harrison Street to buy London student housing property

Global Student Accommodation Group and Harrison Street have agreed to acquire London-based student housing property The Curve. No financial terms were disclosed.

PRESS RELEASE

LONDON AND CHICAGO – 28 October 2019 – Global Student Accommodation Group (GSA), the world leader in university student living and Harrison Street, one of the largest alternative real asset investment firms dedicated to the Education, Healthcare and Storage sectors, today announced a joint venture to acquire and refurbish The Curve, a 350-bed purpose built student accommodation (PBSA) in central London.

The Curve is located in London’s Whitechapel neighbourhood near the trendy Shoreditch entertainment, shopping and leisure area and City of London business district. The 9-story residential tower is easily accessible to four leading London universities, including Queen Mary University, City University, King’s College London and The London School of Economics.

The refurbishment plan covers all rooms and common areas and will ensure the 266 studios and 84 en-suite beds offer the highest quality living spaces for students. The building includes top-tier amenities including 24-hour security, gym, theater room, kitchen, study and communal spaces, libraries, outdoor space and a retail ground floor space, a grocery and general merchandise retailer.

Rob Mathias, Senior Managing Director and Head of International Business for Harrison Street, said, “London is one of the most attractive destinations in Europe for university students, yet the city continues to suffer from a significant undersupply of PBSA given constraints around new property construction and other barriers to entry. We are excited to continue to build upon our successful partnership with GSA, a best-in-class partner in the student accommodation sector, to identify and provide London-based students with access to well-appointed, modern, high-quality housing options. The Curve meets all our criteria when selecting sites for PBSA given its accessibility to multiple university campuses, central location and top-tier amenities. We look forward to growing our global student housing platform across leading European markets.”

Nicolas Porter, Executive Chairman at GSA said, “ While London maintains its reputation for having some of the best academic institutions globally there will continue to be high demand for world-class purpose-built student accommodation from both domestic and international students, and we’re delighted to continue our longstanding partnership with Harrison Street.

“As a leader in global student living, we have a responsibility to understand and improve students’ living environments. Enhancing the lifestyles of our residents through carefully considered and researched design is a fundamental part of this, and we’re proud to be bringing our well-being centred approach to The Curve.”

Harrison Street and GSA launched a programmatic JV in December 2015 that currently includes 24 properties, comprised of 3,303 PBSA beds in Ireland, 2,437 beds in Spain and 2,122 beds in the UK. Harrison Street currently manages nearly 15,000 student housing beds in Europe, and since inception in 2005 has invested more than $12.3 billion in over 180,000 student beds with 154 universities across the US and Europe.

About GSA:

GSA is the global operator of student accommodation in Australia, China, Germany, Ireland, Japan, Spain and the UK. GSA develops, manages and invests in best-in-class purpose-built student accommodation in locations proximate to world-class universities. GSA’s portfolio of operational, in development and secured future assets totals 25,000 beds. For further information please visit: www.gsa-gp.com

About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. The firm has created a series of differentiated investment solutions focused on the Education, Healthcare and Storage sectors. Headquartered in Chicago with an office in London, the firm has more than 150-employees and approximately $22.9 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. For more information, please visit www.harrisonst.com.