• Furthers GSA’s relationship with Aareal Bank, demonstrating the strength of the student housing market in Australia, GSA’s sector expertise, and the quality of the portfolio
• Builds on GSA’s financing track record, the strength of its global banking relationships, and underlying operational performance

Global Student Accommodation (“GSA” or the “Company”), the global leader in student housing, announces that it has refinanced three of its Australian assets with Aareal Bank, a leading provider of financing solutions and services to the property industry. With a value of over AUD$200 million, this significant transaction builds upon the Company’s existing relationship with Aareal Bank, reflecting the strength of Australia’s student housing market and the underlying performance of GSA’s portfolio in Australia’s leading educational cities.

The transaction covers GSA’s market leading properties Yugo Adelaide City, Yugo Perth City, and University Square, Melbourne. Managed by Yugo, GSA’s global operating partner, the properties are in strong demand from both domestic and international students due to their proximity to universities, high quality amenity spaces and the truly differentiated living experience that Yugo delivers.

Commenting on the refinancing, John Jacobs, Global Head of Capital Markets at GSA said:

“This is an important transaction for GSA in Australia, with the student housing sector in the region demonstrating incredibly strong fundamentals and potential growth opportunities. Consolidating our relationship with Aareal Bank is testament to our sector specific expertise as a student housing developer and asset manager with a strong track record of delivering robust returns to our investors.”

Thomas Adaemmer, Head Asia Pacific at Aareal Bank, added:

“We are delighted to continue to support GSA in Australia. This latest transaction reflects the depth of the relationship between our businesses and Aareal Bank’s position as a strong sponsor in the student housing space.”

The Australian student housing market continues to demonstrate exceptional fundamentals, driven by increasing global demand for English-language degrees at world leading universities, including the University of Melbourne, the University of Adelaide and the University of Western Australia. The sector has rebounded strongly from the covid-19 pandemic, with 711,000 international students enrolled in Australian universities for the period January to July 2023, up 34% on the previous year, while demand from domestic students also continues to increase. GSA first entered Australia in 2016 and has over 2,000 beds across Melbourne, Perth, and Adelaide.

Yugo Adelaide City is a recently completed 725-bed property and one of the tallest buildings in the city, located in Adelaide’s Central Business District, directly opposite the Universities of Adelaide and South Australia’s City East Campus. Yugo Perth City is situated in the social and cultural district, winning the Residential Architecture Award 2019 for Purpose Built Student Accommodation in Western Australia. University Square houses over 340 students in Melbourne and is ideally located close to the University of Melbourne.