News - 15th July 2016 - (Property Week)
GSA, the student accommodation developer headed by Unite founder Nicholas Porter, is making its first move into mainland Europe with a €110m (£93m) investment in Germany - and has revealed plans for a 10,000-bed portfolio in the country.
It has acquired the 1,500-bed Headquarter portfolio, which comprises four properties across Germany’s largest university cities: Munster, Dresden, Darmstadt and Frankfurt.
GSA plans to refurbish the properties and has a five-year plan to build a 10,000-bed portfolio in Germany under its Uninest brand, taking advantage of what it sees as an undersupplied market.
The portfolio was acquired from Devario Invest: the family office of Torsten Toeller, founder and chairman of Europe’s largest pet-food firm, Fressnapf. It developed the assets and had operated them since 2012.
Osborne Clarke and Warth & Klein Grant Thornton represented GSA, while PwC and Catella Property advised the seller.
Global Student Accommmodation Group was funded in 2008 and has student accommodation schemes up and running in Australia, China, Ireland, Japan and the UAE