GSA, the global student accommodation leader, has announced transactions which will add a total of 1,900 beds to GSA Germany, across the cities of Berlin, Hamburg and Frankfurt.
GSA has entered the Berlin market by acquiring two mixed-use schemes totaling approximately 1,300 beds. These schemes are adjacent to U-Bahn (underground) stations and well-located in central districts of Berlin (Mitte and Friedrichshain-Kreuzberg) and will feature predominantly student accommodation, as well as serviced apartments. They will be marketed to students under the Neon Wood and Tannhaus brand names.
GSA has also entered Hamburg, acquiring a 330-bed asset from Garbe College GmbH. Located in the Wandsbek district right next to Wandsbeker Chaussee U and S-Bahn (rapid railway) station, the property was completed in May 2016. Known as “Navale” the student residence is managed by Uninest Student Residences, GSA’s operating brand within the German market.
In Frankfurt, GSA has grown its portfolio with the acquisition of a 270-bed asset from Devario Invest. The student residence, called “Urbanum”, is located in a prime central location on Mainzer Landstraße and is well connected to Goethe University, one of Germany’s leading universities. The property was completed in September 2017 and is also managed by Uninest Student Residences. The scheme offers studios with high specification, broadband internet and social spaces including two roof terraces.
All these transactions come under GSA’s existing partnership with GIC, Singapore’s sovereign wealth fund, which aims to provide quality student accommodation across key markets in Germany.
Dr. Frank Pfirsching, Acquisitions & Development Director for Germany said: “Together, these new transactions demonstrate GSA’s ability to drive rapid strategic growth in Germany, following our acquisition of a 1,000-bed portfolio just 16 months ago. GSA now owns nearly 3,000 beds in Germany, making it the market leader.”
Anne Braun, GSA’s Managing Director for Germany said: “Purpose-built and managed student accommodation is a relatively new concept for the German rental market. Designed to meet the needs of Millennial and Generation Z students, these residences also benefit universities which are seeking to enhance the attraction of their institutions. Students are customers of higher education and by creating bespoke communities designed around their needs, we can enhance students’ overall university experience.”
Germany is Europe’s largest university student market and attracts over 340,000 international students enrolling each year. Germany also has a very high rate of domestic students traveling away from home to study, amounting to over two thirds of the total three million enrolments. While Germany is one of Europe’s most popular destinations for foreign students, just 10 – 12% of the student population is able to access purpose-built accommodation.