Brookfield Sells Student Housing Portfolio to GIC and Greystar

GIC Pte. and Greystar Real Estate Partners have agreed to buy one of the UK’s largest student-accommodation businesses from Brookfield Asset Management Inc.

The Singaporean wealth fund and US-based property investor announced the takeover of the Student Roost portfolio in a statement on Monday. Financial details were not disclosed.

The deal values Student Roost at roughly £3.3 billion ($4.2 billion), people familiar with the matter said, asking not to be identified discussing confidential information.

Student housing continues to be popular among financial investors in the UK, with the number students vastly outnumbering rooms available in purpose-built accommodation. The shortage is ...