GIC / Greystar / Student Roost merger inquiry
| Case Outcome | Mergers - phase 1 clearance with undertakings in lieu |
| Subject Matter | Mergers |
| Date | 22 September 2022 |
| Court | Competition and Markets Authority (EW) |
| Decision Date | 22 September 2022 |
Anticipated acquisition by GIC (Realty)
Private Limited and Greystar Real
Estate Partners, LLC of Student Roost
via Roost Bidco Limited
SUMMARY
1. The Competition and Markets Authority (CMA) carried out a phase 1 investigation
into the anticipated acquisition by GIC (Realty) Private Limited (GIC) and Greystar
Real Estate Partners, LLC (Greystar) of the Student Roost group (Student Roost)
(the Merger). GIC, Greystar, and Student Roost are together referred to as the
Parties, and, for statements referring to the future, as the Merged Entity.
2. The CMA found that the Merger gives rise to a realistic prospect of a substantial
lessening of competition (SLC) as a result of horizontal unilateral effects in the
provision of purpose-built student accommodation in a number of local areas in
Birmingham.
3. One of the acquirers, GIC, is a holding company for real estate investments made
on behalf of the Government of Singapore, and is active in student accommodation
in the United Kingdom (UK) through joint venture arrangements. GIC’s joint
ventures with The Unite Group Plc (Unite) and GSA Group (GSA) include student
accommodation properties across the UK.
4. The other acquirer, Greystar, is a US-based real estate company with expertise in
investment management and the development and management of rental housing
properties globally. Greystar has interests in student accommodation in the UK
through its joint venture interest in the Chapter business, which operates student
accommodation sites in London, and through its sole control of the Canvas
business, which operates sites across the UK.
5. The target, Student Roost, is a provider of student accommodation across the UK,
including in Birmingham and Glasgow, and is currently owned by Brookfield Asset
Management, Inc.
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