First announced at the end of January, GSA said the acquisition will give it management of additional investments valued at around $200m, including the Luxembourg domiciled SICAV, the Coral Student Portfolio.
Coral Portfolio was established in 2008 and offers investors exposure to the student accommodation sector and other “prime” real estate in the UK and overseas. When the deal was first announced, Coral said it would extend its current presence from Luxembourg and London, to Hong Kong and Dubai.
At the time, John Kennedy, co-founder of Coral Portfolio said: “GSA will bring an unrivalled level of expertise and access to new opportunities for our investors. There are huge opportunities ahead and this dynamic partnership will place us firmly at the forefront of these to build upon Coral’s successes.”
GSA describes itself as having “an unparalleled track record over 20 years, becoming a leading authority on the student accommodation asset class internationally”.
As an investment sector, student accommodation has struggled with its reputation in recent years following decisions by Brandeaux and the Mansion Group to suspend their student accommodation funds.
Both companies have blamed problems with liquidity in the market for their respective closures, however Kennedy has hit back at these claims, arguing that property experts such as Savills and Knight Frank see continued value in the asset class.