Brookfield Asset Management selling U.K. student housing portfolio

Brookfield Asset Management Inc. is selling its U.K.-based student housing business to Singapore sovereign wealth fund GIC Private Ltd. and U.S. property manager Greystar Real Estate Partners LLC.

Brookfield got into the U.K. student housing market six years ago and helped develop what is now Student Roost.

Brad Hyler, head of Brookfield’s European real estate business, says the Toronto-based company has transformed Student Roost into one of the U.K.’s largest purpose-built student accommodation providers.

Student Roost boasts 23,000 beds with 3,000 more in the pipeline.

The transaction is expected to close in the third quarter of 2022 and is subject to “customary closing conditions.”

The terms of the deal were not disclosed.

This report by The Canadian Press was first published May 30, 2022.

Companies in this story: (TSX:BAM.A)