Singapore's GIC injects capital into German student accommodation

It is through a partnership with GSA.

After their venture to acquire student accommodation properties in United Kingdom, Singapore's sovereign wealth fund GIC and global student accommodation specialist GSA unveiled an agreement to capitalise the opportunity in the German student accommodation market.

In a joint statement, the two entities said the cornerstone investment is a portfolio of close to 1,000 student beds which GSA acquired back in June.

The portfolio includes properties in Frankfurt, Darmstadt, Munster, and Dresden as the two target universities in the said areas.

Also in the pipeline are 1,500 beds, which will be expanded through investments, developments, and partnerships with local property companies.

"We are excited to enter the German student housing market which is at an early stage of growth. We see good opportunities for consolidation as the market is highly fragmented," GIC Europe Regional Head Madeleine Cosgrave said.