Greystar’s $1.6b plunge into Australian student accommodation as Singaporeans exit
US-based property investment group Greystar, the company behind one of Australia’s biggest build-to-rent projects, has taken a dive into the local student accommodation market after forking out $1.6 billion for seven assets in five cities.
The portfolio, acquired from a joint venture between Singapore’s Wee Hur Holding and the country’s sovereign fund GIC, comprises purpose-built student accommodation towers in Sydney, Melbourne, Brisbane, Adelaide and Canberra.
The acquisition signals an exit from the Australian student accommodation market for Wee Hur after the developer sold a 49.9 per cent stake in the assets to GIC affiliate Reco Weather Private in 2022 …