A 15-site portfolio has changed hands in Australia’s largest student accommodation deal yet, a year after it was brought to market.
Evergreen, an investment vehicle owned by M3 Capital Partners, has struck two deals for a combined A$2.1bn (£1.09bn) to offload its Urbanest Australia Purpose Built Student Accommodation platform, which comprises 7,402 beds across sites in Sydney, Melbourne, Adelaide and Brisbane, as well as their operational business.
An investment syndicate led by student accommodation specialist Scape has bought the operational platform and 14 of the sites comprising 6,875 beds, while the University of Melbourne has bought an additional 527 beds in property currently under construction.
