Global Student Accommodation Group’s Acquisition of U.S. Student-Housing Portfolio

Haynes and Boone acted as lead counsel on behalf of UCAL, a fund owned by University Communities, LLC and the California State Teachers Retirement Fund (CalSTRS) in the transaction.

Global Student Accommodation Group, which owns and operates purpose-built student accommodation outside of the U.S., completed the acquisition of a portfolio of 27 student apartment projects in 19 cities covering 18 states. The purchase is GSA’s entry into the U.S. market. All properties in the portfolio are situated in prime locations next to major universities and research institutions.

The transaction includes the sale of a related property management company, as well as a going-forward arrangement by GSA with University Communities to acquire and develop future student housing properties in the U.S.

Blackstone Real Estate Debt Strategies led the loan origination for the transaction, with Wells Fargo Bank, N.A. agenting the senior loan. The transaction and debt financing were brokered by TSB Capital Advisors.

Haynes and Boone Partner Frank Ruttenberg (Picture) led a multi-office team that completed the closing for client UCAL, one of the industry leaders in student housing. The San Antonio team included Associate Abby Johanson, Partner George Hinchey and Counsel Elizabeth Breazeale, along with a supporting team of lawyers from Denver, Dallas and Austin, including Partner Dan Malone, Associate Sarah Perot, Partner Susan Wetzel, and Associates Joe Slochowsky, Ian Schwartz, Roxanne Micca, Ryan Gura, Stephanie Chung and Tom Carroll.

Involved fees earner: Elizabeth Breazeale – Haynes and Boone; Thomas Carroll – Haynes and Boone; Stephanie Chung – Haynes and Boone; Ryan Gura – Haynes and Boone; George Hinchey – Haynes and Boone; Abby Johanson – Haynes and Boone; Daniel Malone Jr. – Haynes and Boone; Roxanne Micca – Haynes and Boone; Frank Ruttenberg – Haynes and Boone; Ian Schwartz – Haynes and Boone; Joseph Slochowsky – Haynes and Boone; Susan Wetzel – Haynes and Boone;

Law Firms: Haynes and Boone;

Clients: California State Teachers’ Retirement System (CalSTRS); UCAL;

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Author: Ambrogio Visconti