Merger Update: GIC / Greystar / Student Roost

CMA invites comments on student accommodation merger remedy

The Competition and Markets Authority (CMA) has opened a consultation on undertakings proposed by GIC (Realty) Private Limited, Greystar Real Estate Partners, LLC, Roost JV LP, Roost Bidco Limited and Student Roost to address competition concerns over the anticipated acquisition by GIC (Realty) Private Limited and Greystar Real Estate Partners, LLC of Student Roost via Roost Bidco Limited

On 8 November 2022, the CMA announced that it would refer the acquisition for an in-depth investigation unless the merger parties offered acceptable undertakings to address the CMA's concerns.

To address the CMA's concerns, GIC (Realty) Private Limited, Greystar Real Estate Partners, LLC, Roost JV LP, Roost Bidco Limited and Student Roost has offered to remedies which will result in the divestment of Student Roost's student accommodation sites in Birmingham (The Heights and The Old Fire Station).

On 22 November 2022, the CMA announced that it would look in detail at these undertakings. The CMA has until 20 January 2023 to consider whether to accept the undertakings, or a modified version of them. As part of this process, the CMA is now consulting publicly on whether the proposals are sufficient to address the CMA's competition concerns.

Before reaching a final decision, the CMA is therefore inviting interested parties to make their views known. The deadline for responses is 14 December 2022.

The consultation on the undertakings and all other information relating to this merger investigation can be found on the case page at https://www.gov.uk/cma-cases/gic-realty-slash-greystar-slash-student-roost-merger-inquiry.

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