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Kajima snaps up Student Depot

Alex Hayes 10 May 2019

Alex Hayes


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Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Kajima snaps up Student Depot
Student Depot Warsaw is set to open this year for the September semester

POLAND Kajima Student Housing Limited, a subsidiary of Japanese conglomerate Kajima Corporation, has entered into partnership with Griffin Real Estate Partners (GRE) and acquired Student Depot, Poland’s largest provider of student accommodation, from Oaktree Capital Management for EUR 60 mln.

By September 2019, Student Depot will operate 2,000 beds across five sites in Poland, representing half of the Polish purpose built student accommodation (PBSA) market. Kajima is the majority partner with a 90 pct stake in the joint venture with GRE.

Student Depot was originally set up by GRE and Oaktree in 2015 and has grown to become the largest owner and operator of PBSA in Poland. the company is set to open new sites in Gdansk in 2020, with additional sites in Warsaw, Kraków and Wrocław identified that are to start coming onto the market from 2021. The business is based in Warsaw but currently owns and operates around 1,550 beds with sites in Poznań, Lublin, Wroclaw, and Łódz, with around 500 to be delivered this summer in the capital.

Poland is the sixth largest student market in Europe with 1.5 mln domestic students, in addition to a strong and growing number from abroad who represent over 5 pct of the student population and whose numbers are currently increasing 15 pct y-o-y.

“This acquisition by Kajima Student Housing in partnership with Griffin Real Estate offers a high growth investment for the business and comes with a significant development pipeline for the coming years. Poland is a high growth market for PBSA, and we are attracted by both the quality of the assets and the strength of the business’s management team. We are also excited to be working alongside a partner of such pedigree as Griffin Real Estate. We consider this to be a landmark deal for Kajima Europe and we will continue to look for further opportunities not only in Poland but across the continent,” comments John Harcourt, the director of Kajima Student Housing.

The advisors and consultants involved in the brokering of the deal included Dentons, Weil, Gotshal & Manges, BCLA, Colliers International, Savills, and APP-Projekt with tax and financial advice provided by Crido and MDDP.

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