As part of an ongoing joint venture, the Public Sector Pension Investment Board is purchasing a purpose-built student accommodation in London, England.

Together with Greystar Real Estate Partners and Allianz Real Estate, the PSP is taking on the property, called Paul St. East, from Apache Capital Partners for more than $241 million. The acquisition is part of the Chapter joint venture, a real estate agreement the PSP joined in 2018 that focuses on expanding student housing options in the U.K.

Read: PSP in joint venture to grow British student housing portfolio

London continually attracts more international students than its current rental stock can accommodate, ensuring the investment strategy benefits from high demand, noted a press release. This latest investment moves the joint venture closer to its aim of providing 10,000 beds for students in the U.K. within five years. The Paul St. East building project adds 458 bedrooms to the venture’s portfolio.

“We strongly believe Paul St. East has significant long-term potential through integrating the asset with our Chapter brand to offer students the services and experiential living enjoyed at Greystar’s other Chapter residences,” said Troy Tomasik, Greystar’s managing director of investments in the U.K. and Ireland.

Read: OMERS takes stake in Texas pipeline, PSP completes student housing partnership deal

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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