GIC and Greystar complete £950m Student Roost refinancing

GIC and Greystar have completed a £950m refinancing of Student Roost, their UK student accommodation platform. The duo signed the facility with BNP Paribas and Bank of America/BofA Securities (formerly Bank of America Merrill Lynch). It has been secured against around 15,000 of the platform’s 23,000-bed portfolio. The debt has a loan-to-value of 60% and a five-year term. It is expected to be syndicated, although no commercial mortgage-backed securities are expected to emerge from the deal. Student Roost has assets in cities including Warwick, Nottingham, Newcastle, Sheffield, Glasgow, Liverpool and Belfast. Greystar Real Estate Partners and GIC acquired the £3.3bn Student Roost platform from Brookfield in December 2022.  The Student Roost refinancing deal follows Blackstone closing the £2.6bn refinancing of its iQ Student Accommodation platform with a combination of existing and new lenders, which also included Bank of America and BNP Paribas.  Photo courtesy of FGS Global