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Australia: Greystar plans to more than double its Australian student portfolio within the next two years.
The company, which manages more than a million rental units across the world, has officially launched its new student housing platform, Accolade, and is eyeing a 10,000-bed portfolio in Australia by 2027.
The move builds on Greystar’s acquisition of the 4,084-bed Wee Hur portfolio from Singapore’s sovereign wealth fund GIC. That acquisition, completed last year, has been fully integrated into Greystar’s operations.
The Australian PBSA sector is still underdeveloped compared to other major markets such as the UK and US. Research by CBRE highlights that there is currently just one student bed for every 15 students in Australia, compared to ratios as high as one in two in more mature markets.
Greystar’s APAC managing director of investments, Bernadette Chai, said Australia’s student market has “one of the best dynamics anywhere globally.” The company is not only targeting organic growth but is exploring acquisitions to accelerate its expansion. One of its potential targets is UniLodge, one of the largest student housing operators in the country, which currently manages around 38,000 beds on behalf of third parties.
Chai said Greystar has already worked closely with UniLodge during the handover of the GIC portfolio. She also indicated that the company would pursue a mix of mergers and acquisitions, fund-through investments in new developments, and management agreements with third-party owners.
Greystar’s workforce in Australia has grown to around 120 people following the GIC acquisition, including staff supporting its build-to-rent portfolio. It expects to at least double that number in the next two years.
Highlights:
• Greystar plans to more than double its Australian student portfolio within the next two years
• The company, which manages more than a million rental units across the world, has officially launched its new student housing platform, Accolade, and is eyeing a 10,000-bed portfolio in Australia by 2027
• The move builds on Greystar’s acquisition of the 4,084-bed Wee Hur portfolio from Singapore’s sovereign wealth fund GIC
