13 June 2019
Grosvenor Group invests in student housing in Brazil
Our new joint venture will provide some of the first dedicated student accomodation in Brazil.
International property company Grosvenor Group’s Indirect Investment team has partnered with VBI Real Estate (VBI) to provide some of the first dedicated student housing in Brazil.
The country has the fourth largest undergraduate population in the world, with 30% studying outside of their hometown, but with very limited dedicated accommodation available.
Grosvenor Group’s joint venture with VBI will create student accommodation across the south and southeast of Brazil, in cities including Rio de Janeiro and Sao Paulo. The strategy is to acquire existing buildings located near to university campuses and retrofit them into student housing facilities. These facilities will be operated by ULiving, a fully focussed student accommodation property manager in Brazil.
Andy Yates, Investment Director, Indirect Investment at Grosvenor Group, said:
“The student housing sector has become an institutionally recognised asset class globally and this is an exciting opportunity to invest in a structurally under-supplied marketplace. We are looking forward to working with a great team of local specialists to provide professionally managed, dedicated accommodation for local and international students enabling them to make the most of their university experience.”
Ken Wainer, Co-founder of VBI, said:
“It is an honour for us to partner with such a sophisticated and highly regarded global investor. Grosvenor’s management culture and insights from its previous investments in student housing are immediately applicable to our Brazilian venture. We look forward to working closely with the Grosvenor team to bring global best practices to the Brazilian market.”
About Grosvenor Group
Grosvenor Group is one of the world’s largest privately-owned property companies. We develop, manage and invest in property in more than 60 cities around the world.
Through the activities of Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe we diversify the Group’s property portfolio by geography, sector, activity, currency and management team. Our Indirect Investment business further diversifies the Group’s property interests by backing specialist third-party management teams. It invests Grosvenor’s capital in Africa, Australia, Europe and North and South America.
Approximately half of the Group’s property assets by value are held outside the UK.
The purpose of the Group is to improve properties and places to deliver lasting commercial and social benefit. This is achieved by adopting a farsighted perspective, by being locally engaged and sharing and benefitting from our international experience – we call this our Living Cities approach.
To read more about Living Cities please click here.
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Notes to Editors
About VBI Real Estate:
VBI Real Estate is a leading Sao Paulo-based real estate investment manager, serving as a fiduciary for global institutional investors. Since inception in 2006, VBI has invested in the Brazilian office, residential, retail, industrial and student housing sectors. Our focus is on generating attractive risk-adjusted returns to our investors and providing lasting real estate value with positive urban impact to occupants and the broader community.