Bahrain-based leading financial group, GFH Financial Group has signed an agreement to acquire a majority stake in the US-based living sector asset manager and property manager focused on student housing, SQ Asset Management (SQ).
The company said in a statement that the acquisition will see GFH launch its US operations by adding 180 real estate professionals to its employee base, bringing significant investment and asset management experience in US real estate.
“We’re excited to announce this acquisition, which launches GFH’s operations in the US and provides us with direct access to the attractive living space and provides the Group with local and well-positioned access in the US to help execute our real estate strategy. This investment is in line with GFH’s strategy of growing its presence globally by partnering and acquiring leading and well-established platforms with strong market reputations in Europe and North America. The acquisition of SQ will add to GFH’s significant investment and operational expertise in US real estate. Having recently completed portfolio acquisitions with SQ in excess of $300 million of purpose-built student accommodation affiliated with top-rated universities in the US, we look forward to working closely with our new partners at SQ to broaden GFH’s asset under management and collaborate with SQ to target a global institutional investor base.”
Founded in 2013, SQ has grown to become a leading living sector asset manager with more than $1.4 billion in aggregate transaction value with 32 housing properties and 10,300 beds currently under management across the US.
Mr. Andy Feinour, CEO of SQ said that, “With the support and backing of GFH, we strongly believe in our ability to unlock further growth at SQ and execute on our clear plan to triple our assets under management.”
“Over the past nine years, we have grown our client base and assets under management, and we are confident we will significantly build on this by benefiting from GFH as our strategic partner. We will continue to provide the best service for our investors and will be in a stronger position to deliver attractive results,” Mr. Feinour further added.