Singapore sovereign wealth fund GIC has extended its joint venture with Unite Students for another 10 years.
The 50:50 venture, focused on London student accommodation, had net assets of £814M at the end of last year. The funding arrangement will now extend to September 2032. The original 10-year deal was due to end next year, an official statement said.
The renewed relationship will allow opportunities to expand the existing London arrangement through new acquisitions, the partners said.
The portfolio includes 5,300 beds in 12 locations in London along with 3,100 beds at the Aston Student Village, Birmingham, which will now be combined.
The deal includes the cash payment of up to £40M in performance fees by the end of this year.
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