The last three months have seen a number of very positive developments for GSA Coral, further strengthening and diversifying the portfolio with four new assets opening across two core markets in Europe (Ireland and Germany).
We continue apace with introducing a new capital partner to the Australian portfolio while also seeking opportunities to re-deploy capital and invest new capital into existing and new markets. Specifically, following the recent acquisition of the 695-bed Brunnenstraße Mitte-Wedding asset in Berlin, as well as the successful launch of Hakusan House in Tokyo in Q2, we remain committed to looking at new opportunities to grow our German and Japan allocations. We are also exploring opportunities in Spain and anticipate announcing progress in this market as we head towards 2019.
GSA Coral is on track to deliver a robust performance in excess of the 8% target for the tenth year running across all share classes in 2018. This performance has been built on our key pillars of specialised market intelligence, underwriting ability and risk management, supported by the longstanding GSA Group management platform.
PBSA continues to be a strong asset class for investors as universities across the globe push to expand their international appeal. Concerns over a possible fall in international student interest in the US and the UK, the two largest markets, has to date been proven unfounded, as students continue to prioritise the long-term value of top-quality education over short-term geopolitical uncertainty. Meanwhile, the hunt for affordability and quality, together with the growth of international campuses, continues to broaden the appeal of a range of university cities globally.
With continued occupier and investor demand for good quality assets and a best-in-class operational platform, we retain a very positive outlook for the portfolio as we head towards 2019.
Read more in our latest Investor Update, which can be downloaded now.