Goldman, Warburg sell 'Good Host Spaces' for Rs 2,700 crore to Alta Capital
Alta Capital has acquired Goldman Sachs' and Warburg Pincus' 100% stake in the country's largest student housing platform, Good Host Spaces, for $320 million, or nearly Rs 2,700 crore, said persons with direct knowledge of the development.
Goldman held around 70% in the company that owns and operates third-party purpose-built, on-campus student housing assets across key universities including Manipal University, OP Jindal Global University and Shoolini University.
«The deal with Alta Capital marks the complete exit of both Goldman Sachs and Warburg Pincus. While the talks were on for the last few months, the transaction was concluded last week,» said one of the persons mentioned above.
Prior to this investment, Alta Capital, founded by Siddhartha Gupta, former managing director of Blackstone India, has invested $325 million in India's largest managed office spaces operator, Table Space, and $200 million in Pragati Warehousing.
In total, it has so far committed over $850 million in India.
In July, ET was first to report that Alta Capital is in advanced talks to acquire the company.
Brookfield Asset Management and Singapore's Keppel Corp were among the other entities that had shown interest in acquiring the company. The buy indicates sustained appetite among global investors for Indian real estate and its emerging segments like student housing.
Started in 2017, the student accommodation company has an operational portfolio of around 25,000 beds across five cities.
It is also in talks with several educational institutions and is likely to add a similar number of beds to its portfolio soon.
The platform was initially backed by Goldman Sachs and HDFC. In 2021, global private equity major Warburg Pincus' affiliate
