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Australia: Singapore’s Mapletree Investments has made its first Australian PBSA play with the acquisition of a development site in central Perth for an 835-bed student project.
Scheduled for completion in 2027, the 32-storey project is close to of Perth’s Edith Cowan University and Curtin University Law School. Mapletree bought the site at 609 Wellington Street from Sydney-based investment manager Alceon, which will stay on as the project’s development manager.
The sale price was undisclosed but a report by the Australian Financial Review suggests a value of A$300 million (£144 million).
The site will feature units ranging from single studios to five-bed configurations, with amenities including a cafe, gym, music room and cinema.
Matt Walker, CEO of student housing at Mapletree, said: “Australia’s student housing sector has attracted robust investor interest due to its large student population, limited supply and counter-cyclical features. In particular, Perth remains one of Australia’s most undersupplied central business districts for student accommodation despite being home to many prestigious institutions.”
Matthew Liston, executive director of Alceon’s real estate team, added: “With support from the City of Perth, the Alceon team worked quickly to obtain the development approval for student housing. While Alceon will relinquish ownership of the land, the team is pleased to remain involved as the project’s development manager and will leverage our local expertise to oversee it through to delivery.”
Mapletree entered the student housing sector in 2016 and has a portfolio of 79 properties and 27,800 beds in the US, Britain, Canada and Germany. Last year it completed the acquisition of 31 student housing assets in the UK and Germany, along with the Student Castle operating platform, making it the fourth-largest student housing owner in the UK.
Highlights:
• Singapore’s Mapletree Investments has made its first Australian PBSA play with the acquisition of a development site in central Perth for an 835-bed student project
• Scheduled for completion in 2027, the 32-storey project is close to of Perth’s Edith Cowan University and Curtin University Law School
• The site will feature units ranging from single studios to five-bed configurations, with amenities including a cafe, gym, music room and cinema
• The sale price was undisclosed but a report by the Australian Financial Review suggests a value of A$300 million (£144 million).
