Bahrain and Dubai-listed GFH has acquired a $100 million student housing portfolio.
In a statement to Dubai Financial Market (DFM), the financial group said the student housing market had remained a strong performing sector over the past year, with 90 percent occupancy and 100 percent rental collections with parental guarantees.
The accommodation includes student housing near the University of Arkansas, Florida State University and University of Tennessee, which have seen steady enrolment growth and student populations in excess of 20,000, GFH said.
Awais Majeed, Executive Director Real Estate Investments at GFH, said: “With scarce comparable supply in flagship universities and growing student enrolment numbers, we see strong prospects for the sector, which we will work to leverage with our partner, Student Quarters, who brings deep rooted knowledge of the US student housing market and an exceptional track record to support income and value generation for GFH and our shareholders.”
The acquisition is GFH’s first in a partnership with Atlanta-based Student Quarters, which has completed transactions worth more than $1.4 billion.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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