Dorm Builder GSA Secures $500M for Growth in U.S.

LONDON & NEW YORK -- Global Student Accommodation (“GSA” or the “Company”), the global leader in student housing, today announces the successful closing of a $500 million senior loan facility with Wells Fargo Bank, N.A. (“Wells Fargo”), one of the world’s leading financial institutions.

The transaction strengthens the existing relationship between GSA and Wells Fargo and signals the continued demand amongst lenders for the U.S. student housing sector.

The facility covers 23 assets across 14 states, in key university cities, including tier one institutions, such as Arizona State University, Auburn University, Purdue University, and the University of Illinois.

The refinancing supports GSA's long-term growth strategy, with a commitment to becoming a market leader in U.S. student housing. In December 2020, GSA was the first international student housing specialist to enter the U.S, and since then the company’s portfolio has grown to 43 properties across 32 cities and is home to 20,000 students each year.

John Jacobs, Global Head of Capital Markets at GSA, said, “Over the past year, GSA has closed over $1 billion of financing facilities globally, enabling us to optimize our capital structure and recycle capital into value-add initiatives across our portfolio.

“This latest refinancing will facilitate both expansion within the U.S. market and an ongoing program of refurbishments. This includes initiatives to improve the energy efficiency of the portfolio and further support for students’ wellbeing.

“Student housing continues to demonstrate its resilience as an asset class. The deepening of our partnership with Wells Fargo reflects this and is testament to GSA’s expertise as an investor and asset manager.”

Melissa Frawley, Managing Director of Wells Fargo, said, “This financing underscores Wells Fargo’s leadership in and commitment to the global student housing sector, and we are delighted to be extending the relationship between Wells Fargo and GSA, which spans both the U.S. and Europe.

“Student housing remains a robust and attractive asset class, and GSA’s innovative, global approach and sector-expertise continues to differentiate them within the market.”

All spaces are managed by GSA’s partner Yugo, a student brand and operator, who are transforming the way students live by combining local market knowledge with global expertise.

Global Student Accommodation (GSA) has an international presence that stretches across 11 countries with assets in 80 of the world’s leading educational cities. It maintains flagship offices in New York and London.

For further information please visit: www.gsagroup.com.

GSA is part of The Dot Group, the global leader in student living. The group is comprised of GSA, Yugo, Student.com and Kinetic Capital, with combined access to over 35 countries and 180 cities.

For more information, visit www.thedotgroup.com.