The acquisition aims to capitalize on the high demand for student housing in Australia, the third most popular country for international students.
A joint venture comprising AXA Investment Managers – Real Assets, Allianz and APG have agreed to acquire Urbanest, a portfolio of student accommodation properties in four major Australian cities, AXA IM – Real Assets announced in a press release on Wednesday.
The 14 properties, located in Sydney, Melbourne, Brisbane and Adelaide, have 6,805 beds, and will be operated by student accommodation manager Scape, which also manages the consortium’s Atira portfolio comprising 3,510 beds, which was acquired in September.
«The sector has favorable demand drivers and growing institutional appeal, assets are tightly held and the barriers to entry are relatively high, particularly in Sydney, which makes this opportunity even more appealing,» Kumar Kalyanakumar, Head of Australia at AXA IM – Real Assets, said about the deal.