Press release:
STAR ASIA GROUP AND GSA ANNOUNCE PARTNERSHIP FOR
JAPANESE STUDENT ACCOMMODATIONStar Asia Group and GSA create joint venture targeting 20,000 student
beds
Supporting Japanese Government’s Higher Education Growth Strategy
First property with 364 student accommodation beds opens in 2018

Tokyo, 9th March 2017 – GSA, a global leader in purpose-built student
accommodation, has formed a partnership with Star Asia Group, a boutiqueinvestment management group focused on Japanese real estate opportunities, tocreate the next generation of student accommodation in Japan. GSA Star Asia KK,
a wholly-owend subsidiary of GSA Star Asia Japan Limited, has its headquarters inTokyo and has been formed to create 20,000 beds for university students studyingin Japan.
Japan is one of the most attractive higher education markets globally, with almost
three million university students, one million of whom are in Tokyo and thesurrounding area, making it the single largest University city in the world. TheJapanese government is building on its world-class status by attracting
international students and has a strategic plan to significantly increase the numberof international students studying in the country to grow revenues and encourageinternationalisation between students.
At present, about 80 per cent of students in Tokyo live in the private rented sector.
With a global reputation for a high quality university education, growing student
numbers, combined with some of the toughest market conditions for real estate,
Tokyo faces a mounting challenge to address the accommodation requirements of
its student population.
GSA brings its significant sector experience and management expertise alongside
Star Asia Group’s strong track record in Japan and together the partnership will
launch a totally new accommodation product to the market, targeting Japaneseand international university students.

The first property in the portfolio will be developed in Hakusan 4-chome, in Tokyo’s
Bunkyo-ku district, comprising 364 purpose built student accommodation beds anda total floor area of approximately 4,500m2. This project was funded with a
combination of equity from Star Asia Group, GSA and two global institutional
investors along with financing from a Japanese bank. The project in Hakusan will
introduce GSA’s global student brand “Uninest” into the market, creating a newcommunity for Japanese and international students.
Unlike existing student dormitories, the property will feature high quality, speciallydesigned student apartments as well as a lounge, theatre room, study space,barbecue space and other areas shared by all of the building’s occupants. There
will also be a communal kitchen with the whole space designed to foster
community and a collaborative environment for students.
Simon Loveridge, GSA Managing Director - Asia Pacific said: “We’re delightedto partner with Star Asia to bring a new generation of student accommodation toJapan. We have been operating student accommodation in Tokyo for several years
and also provide homes for Japanese students in other parts of the world.
Japanese students are ready for this new concept in student communal living, built
on high quality design and aimed at building a strong community of local andinternational students. With Star Asia Group’s track record in Japan and our 25years’ global experience in this sector, we are strongly positioned to build real
scale across the Japanese market.”Star Asia Group Co-Founder, Malcolm MacLean commented: “I originally met
Nick Porter, the founder of GSA Group, over 12 years ago when I invested in hisstudent accommodation company. Since that time, we have closely watched theexciting growth of the GSA business globally and have been impressed by what
they have accomplished and how they have executed. We are now delighted tohave partnered with GSA in Japan and look forward to building a highly successful
business together in this market.”Star Asia Group Co-Founder, Taro Masuyama further commented: “TheHakusan project is well located with its proximity to several premier universities,and is an excellent example of Star Asia’s and GSA’s combined effort to build thisunique purpose built student accommodation platform in Japan.”Ends
Photography of GSA’s student accommodation available on request.

Press enquiries relating to this press release should be addressed to:Reina Endo or Keiichi Komaki
PR Representative Office, TrainTracks inc.
Tel： 03-5738-4177
Email：pr@traintracks.jp
For GSA information, please contact:
Tabitha Aldrich-Smith
GSA Group:
Tel: +44 (0) 7971 919610
Email:tabitha.aldrich-smith@gsa-gp.com
About GSA Star Asia KK
GSA Star Asia KK is wholly owned by GSA Star Asia Japan Ltd which is a 50/50
joint venture between GSA Group and Star Asia Group. The company wasoriginally established in 2014, and has managed student accommodation in Japan
since April 2015. The company is seeking to acquire land and buildings suitable fordevelopment and conversion, and existing student accommodation with an initial
focus in the Tokyo metropolitan area.
The Hakusan project is GSA Star Asia Japan’s first independent development
project in Japan. In August 2016, GSA acquired a site measuring approximately
1,100m2 at Hakusan 4-chome, in Tokyo’s Bunkyo-ku, and began developing apurpose built student accommodation building with a total floor area ofapproximately 4,500m2. The project will deliver 175 rooms and a total of 364 beds
over nine above-ground floors and will be completed in 2018.
The new building will be operated as mixed accommodation, housing Japaneseand foreign students together. Occupants will pay a fixed monthly price that takes
account of local rent levels (covering furnishings, management fee, water, gas,electricity, Internet, etc.) and there will also be an emphasis on customer servicesuch as bilingual concierge providing support, maintenance and in-house events toencourage communication between students.
GSA Star Asia Japan was set up to address the huge shortage of student
accommodation for domestic and international students and to support theJapanese Government’s Top Global University Project. This is the Japanese
government’s global strategy to increase the number of foreign students enrolled atJapanese universities. The project is already having a positive impact. As of May
2015, there were 208,379, a 13.2% increase on 2014. The number of foreignstudents enrolled at universities selected for the Top Global University Project is set
to double over the next few years.
About GSA
GSA
Space to Grow
www.gsa-gp.com
GSA develops, manages and invests in best-in-class purpose-built student
accommodation in locations proximate to world-class universities. GSA’s portfolioof operational, in development and secured future assets totals 20,000 beds.
Operational student residences are managed under the brands Uninest and The
Student Housing Company.
Nicholas Porter has been pioneering the purpose-built student accommodation
sector for over 25 years. He founded The UNITE Group plc in the UK in 1991 andgrew the company to become a FTSE-250 listed company and the largest owner ofstudent accommodation in the UK. Alongside Nicholas Porter, the GSA
management team has also played leading roles at predecessor companies thathave defined the industry.
With several long-time colleagues, Porter went on to found GSA in 2007, building
the new venture into the leading innovator and developer globally and creating theUrbanest brand in London and Australia, which was subsequently sold in 2014.
GSA also launched in Dublin and Tokyo (2014) and moved quickly into the UK,Dubai and China (2015) and more recently into Australia and Germany (2016).
Over this timeframe, the sector has grown from its infancy to an asset classattracting tens of billions of dollars of investment from institutional capital sources
attracted to the healthy supply-demand dynamics and the stable income
characteristics of the Higher Education sector. As pioneers in the sector’s evolution,
GSA’s senior management team has been responsible for developing or investingin over $8 billion worth of student accommodation assets totaling over 60,000 beds
in 44 cities. GSA’s team has acquired an unrivalled expertise, a formidable trackrecord and a reputation for innovation. GSA combines industry-leading end-user
research, long-standing partnerships with universities, a commitment to operational
excellence, a passion for design, a focus on customer service, and an integrated
approach to technology to create exceptional communities for students - making areal difference in their lives.
About Star Asia:
www.starasiamanagement.com
Star Asia is a privately owned, independent investment management groupfocused on delivering superior investment returns to its clients by investing
primarily in Japanese real estate related opportunities.
Star Asia was co-founded in 2006 by Malcolm F. MacLean IV and Taro Masuyama
who each have over 20 years of experience in real estate, credit, corporate finance,capital markets and securitization. The group currently has a team of 25
professionals in Japan and the United States. Star Asia’s partners and employees
share a long-term perspective and always operate under their guiding principles
which continuously drive the group to become and remain as one of the leading
real estate investment management firms in Japan.
Since its inception, Star Asia has invested over JPY500 billion in real estate related
opportunities including properties, loans, securitized assets, and companies. The
group’s strong track record and long-term partnership approach with our investors
have been integral in attracting significant capital from sophisticated global
investors, including large U.S. university endowments and foundations, Japaneseand European pension funds, U.S. and Asia based family offices as well as otherglobal real estate investors. The group is committed to its disciplined investment
philosophy with a single goal of meeting and exceeding its clients’ expectations forthe mandates we are given.