Greystar secures Landmark A$1.6 Billion PBSA Acquisition in Australia
SYDNEY, AUSTRALIA – 16 December 2024 – Greystar, the global leader in rental housing, investment management, development, and property management, today announced the acquisition of a seven-asset, 5,662-bed Purpose-Built Student Accommodation (PBSA) portfolio in Australia for A$1.6 billion. This transaction marks a significant milestone for Greystar as it solidifies its presence in the Australian market and highlights its commitment to addressing growing demand for high-quality student housing.
The portfolio, spanning Sydney, Melbourne, Brisbane, Adelaide, and Canberra, is strategically located within close proximity to leading Australian universities and the assets offer strong foundations for future enhancements. Greystar plans to upgrade the facilities, refresh branding, and integrate its operational platforms to elevate the resident experience.
“This acquisition is a pivotal step in Greystar’s Australian journey,” said Wes Fuller, Chief Investment Officer. “We are committed to delivering exceptional housing solutions that meet the needs of students while enhancing the quality and functionality of these properties.”
Adam Pillay, Executive Director, Investment Management, Asia-Pacific, emphasized the importance of this acquisition for the region. “Australia’s student housing sector is experiencing strong demand, driven by its world-class education institutions, a growing international student population, and an undersupply of institutional-quality housing. Our focus is on creating welcoming, thoughtfully designed spaces that support students in achieving their academic and personal goals.”
Pillay continued, “By leveraging our global expertise and integrating Greystar’s operational platforms, we aim to set new benchmarks for quality and service. This acquisition allows us to deliver superior living environments while strengthening Australia’s position as a premier destination for international education."
Greystar’s expansion into Australian student housing complements its existing developments, including The Gladstone, a recently opened build-to-rent community in Melbourne. These efforts demonstrate Greystar’s ability to adapt its global expertise to meet the specific needs of regional markets, enhancing housing options for diverse communities.
This acquisition not only reinforces Greystar’s position as a global leader in PBSA but also underscores its commitment to developing innovative housing solutions that meet the evolving needs of residents and support local communities.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates nearly $315 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages over 1,000,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including approximately $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit our website.
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Garrett Derderian
Senior Director, Head of External Communications, Americas & APAC
garrett.derderian@greystar.com