GFH acquires c.US$300mln US student housing portfolio

GFH acquires c.US$300mln US student housing portfolio

- Sector has exhibited strong performance throughout and following Covid lockdowns

Manama – GFH Financial Group (“GFH”or “the Group”) today announced its acquisition of a c. US$300 million student housing portfolio affiliated to select top-rated universities located in Texas, Michigan and Missouri in the United States (US). The acquisition is in partnership with GFH subsidiary Student Quarters, an Atlanta-based student housing specialist.

The five assets acquired include facilities near Texas A&M University, Michigan State University and Missouri State University. The portfolio has more than 2,000 beds with assets located within walking distance of their respective affiliated universities. They are relatively new and include amenities designed specifically to cater to student needs such as swimming pools, courtyards, coffee shops, study lounges, clubhouses, game rooms and fitness centres.

GFH’s investment strategy in the student housing sector focuses on building a diversified portfolio that targets universities within the top public 150 universities in the US, which are considered flagship universities in their respective states. These are institutions with proven pedigree, strong academic and sporting facilities and that have shown steady growth in enrollments year-on-year.

The student housing sector has performed well historically, even during the pandemic, as evident by an average stable occupancy rate well above 90%