(Bloomberg) -- The next big addition to the British capital's skyline will rise higher than the London Eye and be filled with college students.
Authorities in the borough of Southwark, home to the Shard, approved a plan submitted by Greystar Real Estate Partners for a 39-story high-rise near a King's College London campus that will have 905 student rooms. Greystar bought the project, previously known as the Quill, from Investream. With planning approval secured, the building can now go ahead unless it's challenged in court.
The U.S. developer is seeking to be one of Europe's biggest landlords, and is betting on student housing to help it reach that goal. Greystar's U.K. property portfolio is valued at 4.1 billion pounds ($5.3 billion), with more than 32,000 units comprising student and rental housing, according to the company's website.
The rooms will rent for at least 200 pounds per week, David Rothwell, a development director for Greystar in the U.K., said at Tuesday's meeting.
A spokesman for Greystar declined to comment when contacted before Tuesday's decision.
To contact the reporter on this story: William Mathis in London at wmathis2@bloomberg.net
To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Patrick Henry
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