June 22, 2018 / 8:20 AM / 9 months ago

Insurer Allianz takes stake in UK student housing joint venture

The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau

LONDON (Reuters) - Allianz (ALVG.DE) said on Friday it had agreed a joint venture with asset manager Greystar Real Estate Partners and Canada’s Public Sector Pension Investment Board (PSPIB) to develop UK student housing.

Allianz said the equity value of the deal, executed by its real estate arm on behalf of various Allianz insurance companies, was around 350 million pounds ($465.05 million).

The deal sees Allianz take a stake in London-focused Chapter alongside existing investors Greystar and PSPIB, Allianz said in a statement. The company aims to double the size of its portfolio to 10,000 student beds within five years, it said.

Reporting by Simon Jessop; editing by Emma Rumney

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