London, Singapore (10 February 2017) – Unite Students, the UK’s leading manager and developer of student accommodation, and GIC, Singapore’s sovereign wealth fund, have acquired Aston Student Village (“ASV”) for £227 million in a 50:50 joint venture.
ASV represents the first major on-campus acquisition of Unite and GIC’s London Student Accommodation Joint Venture (LSAV). ASV comprises 3,067 beds across five large, detached properties on Aston University’s campus in central Birmingham. It is currently the only accommodation offered to students at Aston University, which has a student population of 11,000, with no additional accommodation available either under direct ownership or through nominations agreements. The modern, high-quality accommodation is fully occupied.
Richard Smith, Unite Students Chief Executive Officer, commented:“I am delighted to announce this acquisition, our first on campus. Birmingham is one of the top cities for students and this acquisition demonstrates the value of our strong relationships with Universities and also the benefit of our position as market leader, both by scale and efficiency and the service that we are able to offer to students as a result of our PRISM operating system. I look forward to strengthening our relationship with Aston University, working within the campus, helping to support their growth and providing their students with great accommodation and a service experience that will support their personal and academic achievements.”
Madeleine Cosgrave, Regional Head, Europe, GIC Real Estate, said:“GIC is pleased to strengthen our partnership with Unite, a leading manager and developer of student accommodation in the UK, through this acquisition. ASV is a high-quality asset uniquely located both on-campus and in the city centre. We are confident in the long-term growth potential of this asset and the student housing sector which we find attractive for its resilient income streams.”