Market Overview

Greystar, PSP Investments and Allianz Complete £1.5bn London Student Housing Platform JV

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Greystar Real Estate Partners ("Greystar"), a global rental housing
leader, the Public Sector Pension Investment Board ("PSP Investments"),
one of Canada's largest pension investment managers, and Allianz Real
Estate ("Allianz"), the global real estate investment and asset manager,
today announced the completion of a joint venture partnership to grow
Chapter, London's leading student accommodation brand.

The joint venture was announced at exchange on June 22, 2018 and has now
secured all regulatory approvals, thereby allowing the transaction to
complete.

Allianz has acquired an interest in Chapter alongside PSP Investments
and Greystar's current stake. The equity investment volume of the
transaction that Allianz Real Estate is executing on behalf of various
Allianz insurance companies, stands at around £350m. The new partnership
supports an expansion program targeting 10,000 student beds and doubling
the size of the portfolio within five years. The partnership's strategy
is to continue to grow the portfolio through acquisitions and new
developments in addition to continuing to improve the existing assets
and Chapter brand.

Greystar is the global leader in the operations, investment and
development of rental housing with over 435,000 units under management
globally. It will continue to manage this portfolio, which currently
comprises 5,100 student beds in ten central London locations, including
Aldgate, Islington, King's Cross, South Bank and Spitalfields. Chapter
White City in west London and Chapter Highbury II in north London, the
two newest additions to the Chapter portfolio, will launch in September
2018.

Commenting on the JV partnership on June 22, Bob Faith, Founder and
CEO of Greystar, said:

"This partnership marks an important step in the rapidly growing
institutional-grade rental housing and student accommodation investment
market in the UK. We are excited to partner with PSP and Allianz on this
exciting endeavor. We have a hugely ambitious target to scale the
business to secure major operational efficiencies. This joint venture
means we're now in a strong position with tremendous financial resources
to realize Chapter's potential.

"London's housing market is under enormous pressure and student
accommodation in prime locations is highly constrained," added Faith.
"London is a global leader in higher education attracting students from
around the world and Chapter is well positioned to provide quality
housing in prime locations. We have built Chapter into a strong brand,
which students and parents from around the world trust to provide a safe
and secure home while they are pursuing their studies."

Commenting on the JV partnership on June 22, Stéphane Jalbert,
Managing Director (Europe and Asia Pacific), Real Estate, PSP
Investments, said:

"We are very excited to welcome Allianz, an internationally renowned and
respected real estate investor, into our established and successful
partnership with Greystar. Chapter is now a recognized,
income-generating business and this new partnership will strengthen and
grow this highly efficient purpose-built student accommodation platform.
Allianz and Greystar share our long-term view and focus on high-quality
assets in central London with a steady income stream. Teaming up will
facilitate a period of expansion for Chapter in London."

Greystar and PSP Investments were advised by Eastdil Secured, LLC and
Jones Day. Legal advisor for PSP Investments was Linklaters LLP. Allianz
was advised by Savills and Herbert Smith Freehills.

ABOUT GREYSTAR

Greystar is a leading, fully integrated real estate company offering
expertise in investment management, development and property management
of rental housing properties globally. Headquartered in Charleston,
South Carolina with offices throughout the United States, Europe, Latin
America and Asia-Pacific, Greystar is the largest operator of apartments
in the United States, managing over 435,000 units in over 150 markets
globally, with an aggregate estimated value of approximately $80
billion. Greystar also has a robust institutional investment management
platform dedicated to managing capital on behalf of a global network of
institutional investors with over $26 billion in gross assets under
management including more than $9.7 billion of developments that have
been completed or are underway. Greystar was founded by Bob Faith in
1993 with the intent to become a provider of world class service in the
rental housing real estate business. Since entering the UK market in
2013, Greystar has built up a property portfolio worth £4.5 billion,
representing over 32,000 units and comprising both student housing and
multifamily rental accommodation. The company is an investor and
operator of student brand Chapter and a shareholder in student
accommodation provider iQ. To learn more about Greystar, visit Greystar.com

ABOUT CHAPTER

Chapter is a market leading student accommodation brand, providing
premium student living in the best London locations. Chapter has 5,100
student beds in ten communities located in London fare zones 1 or 2,
near top universities and excellent transport links. Chapter attracts a
vibrant resident mix with both domestic and international students from
over 105 countries. Chapter provides a totally unique living experience
for students from across the globe. With its exclusive membership
system, students who live with us have access to all amenities and
events across our London residences, enabling them to build a city-wide
community of friends whilst enjoying some of the most extraordinary
living spaces in the London student market. Greystar is a leading, fully
integrated US real estate firm and one that thousands of families from
around the world trust to provide their children with a home away from
home while completing their studies. With over 18 years' experience in
the student accommodation sector, Greystar has a long-standing
reputation for world-class customer service and exceptional quality
accommodation. To learn more about Chapter, visit chapter-living.com

ABOUT PSP INVESTMENTS

The Public Sector Pension Investment Board (PSP Investments) is one of
Canada's largest pension investment managers with CAD$153 billion of net
assets as of March 31, 2018. It manages a diversified global portfolio
composed of investments in public financial markets, private equity,
real estate, infrastructure, natural resources and private debt.
Established in 1999, PSP Investments manages net contributions to the
pension funds of the federal Public Service, the Canadian Forces, the
Royal Canadian Mounted Police and the Reserve Force. Headquartered in
Ottawa, PSP Investments has its principal business office in Montréal
and offices in New York and London. For more information, visit investpsp.com
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