MS - Morgan Stanley teams up with Global Student Accommodation for joint venture

Morgan Stanley's (NYSE:MS) real estate investing unit forms a joint venture with Global Student Accommodation (GSA) as they seek to enter the fragmented U.S. student housing industry. GSA is putting a $1.6B portfolio, including almost 15,000 beds across 21 states and 29 cities, into the venture, GSA Chairman Alec Burger told Bloomberg in an interview. Almost two-thirds of the portfolio is comprised of so-called Power Five schools, a reference to the schools' athletic conferences. "After careful study of the student housing market, we looked for a scalable opportunity and a best-in-class partner for our entry point – this venture achieves both," John Klopp, global head of Real Assets for Morgan Stanley (MS), told Bloomberg. The joint venture will seek to build its market share in the U.S. through its strong acquisition pipeline. The U.S. student housing market it the world's largest, estimated at ~$400B. The sector has rebounded due to

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Morgan Stanley teams up with Global Student Accommodation for joint venture