Buyer sought for Urbanest’s Australian student housing platform

M3 Capital Partners is bringing its Urbanest Australia student housing platform to the market, which is said to be worth A$2bn (£1.1bn). M3, on behalf of its Evergreen Real Estate Partners Investment Platform, has appointed Savills Capital Advisors to sell the business. Its portfolio comprises 15 assets containing nearly 7,500 beds, mainly in Sydney and Melbourne. It has forecast net operating income of nearly A$100m in 2020 and A$125m by 2024. The Sydney-based operation was founded in 2008. David Munro, chief executive of Urbanest Australia, said: “Urbanest Australia is the largest and longest-standing owner-operator of PBSA in Australia. “Our full-service platform, underpinned by 11 years of acquisition, development and operational expertise, means we are well-positioned to be an industry consolidator in what is currently a growing yet fragmented market.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette