Australia: Coliving brand The Living Company, Scape’s newly launched platform, has acquired a 4,190 square metres industrial site in Sydney for AU$32.005 million (£16.3 million).
The site, zoned for mixed use, will be redeveloped into a high-density student accommodation tower of around 300 units, with ground-floor retail.
Upon completion, the development is expected to deliver an end value of approximately AU$150 million (£76.3 million), replacing four office and warehouse buildings on the site.
The deal follows Scape’s purpose-built student accommodation (PBSA) fund’s partnership with Dutch pension fund APG Asset Management.
Since launch, the fund has attracted new investors, including South Korea’s National Pension Service, CDPQ, Bouwinvest and UBS.
Highlights
- The Living Company has acquired a site in Sydney for AU$32 million (£16.3 million).
- Expected end value of the development is AU$150 million (£76.3 million).
- Acquisition aligns with Scape PBSA fund’s growth alongside APG, NPS, CDPQ, Bouwinvest and UBS.
