Singapore's GIC taps into UK housing projects
It bought nine student housing buildings.
The city-state's sovereign wealth fund is venturing overseas, acquiring UK Student Housing properties from funds managed by Oaktree Capital Management.
According to GIC, the sale, which is with Dubai-based GSA, includes nine buildings with space for 3,634 students and five developments that will add more than 3,500 additional beds once completed.
The properties were expected to sell for about $763.3 million (GBP 430m), a recent report by Property Week said earlier. A spokeswoman for GSA, which owns student housing provider Uninest, declined to comment on the sale price.
GIC real estate unit regional head Madeleine Cosgrave said student accommodation will be a sector that continues to deliver steady rental growth and resilient income returns.
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