GIC / Greystar / Student Roost merger inquiry

The CMA investigated and cleared the anticipated acquisition by GIC (Realty) Private Limited and Greystar Real Estate Partners, LLC of Student Roost via Roost Bidco Limited.

• From: Competition and Markets Authority
• Published: 22 September 2022
• Last updated: 12 April 2023 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Distribution and service industries
• Outcome: Mergers - phase 1 clearance with undertakings in lieu
• Opened: 22 September 2022
• Closed: 12 April 2023

Statutory timetable

Phase 1	Action
12 April 2023	Case closed
19 December 2022	Undertakings in lieu of reference accepted
30 November 2022 to 14 December 2022	Consultation on proposed undertakings in lieu of reference
22 November 2022	CMA to consider undertakings offered
8 November 2022	Decision announced
22 September 2022 to 6 October 2022	Invitation to comment
22 September 2022	Launch of merger inquiry

Phase 1

Case closure

12 April 2023: The sale of the Divestment Business subject to the UILs to Greystar Equity Partners Europe Fund I SCSp was approved by the CMA and completed on 5 April 2023. This brings the merger investigation to a close.

Directions to appoint a monitoring trustee

20 December 2022: The CMA has directed GIC (Realty) Private Limited, Greystar Real Estate Partners, LLC, Roost JV LP, and Roost Bidco Limited to appoint a monitoring trustee.

• Directions to appoint a monitoring trustee (PDF, 146KB) (22.12.22)

Undertakings in lieu of reference accepted

19 December 2022: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by GIC (Realty) Private Limited and Greystar Real Estate Partners, LLC of Student Roost via Roost Bidco Limited.

• Final undertakings (PDF, 312KB) (19.12.22)
• Full text decision (PDF, 221KB) (19.12.22)

Undertakings in lieu of reference consultation: closed

30 November 2022: The CMA is consulting on proposed undertakings in lieu of reference offered by GIC (Realty) Private Limited, Greystar Real Estate Partners, LLC, Roost JV LP and Roost Bidco Limited for the anticipated acquisition by GIC (Realty) Private Limited and Greystar Real Estate Partners, LLC of Student Roost via Roost Bidco Limited.

• Notice of consultation (PDF, 128 KB) (30.11.22)
• Proposed undertakings (PDF, 222 KB) (30.11.22)

CMA to consider undertakings offered

22 November 2022: The CMA considers that there are reasonable grounds for believing that the undertakings offered by GIC (Realty) Private Limited, Greystar Real Estate Partners, LLC, Roost JV LP and Roost Bidco Limited, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

• Full text decision (PDF, 135 KB) (30.11.22)

Reference unless undertakings accepted

8 November 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

• Full text decision (PDF, 370 KB) (30.11.22)
• Summary of phase 1 decision (PDF, 130KB) (8.11.22)
• Press notice: Accommodation merger could mean worse deal for students in Birmingham (8.11.22)

Launch of merger inquiry

22 September 2022: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement notice (22.9.22)

Invitation to comment: closed

22 September 2022: the Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party, in advance of the CMA’s formal investigation starting.

Contact

Please send written representations about any competition or public interest issues to:

general.enquiries@cma.gov.uk

Published 22 September 2022
Last updated 12 April 2023 + show all updates

1. 12 April 2023

   Case closed

2. 22 December 2022

   Monitoring trustee appointed

3. 19 December 2022

   Acceptance of undertakings in lieu with final undertakings and full text decision published.

4. 30 November 2022

   Consultation on undertakings in lieu, reference unless undertakings accepted full text and consideration of undertakings offered full text published.

5. 22 November 2022

   Decision to consider undertakings offered published.

6. 8 November 2022

   Reference unless undertakings accepted decision published.

7. 22 September 2022

   First published.