AXA Consortium Nets Student Housing Portfolio
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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.
Questions & Answers
Q.Which specific cities in Australia will the acquired student accommodation properties be located in?
Which specific cities in Australia will the acquired student accommodation properties be located in?
The acquired properties are located in four major Australian cities. These cities are Sydney, Melbourne, Brisbane, and Adelaide, according to the press release from AXA IM, Real Assets.
Q.What is the total number of student beds included in the newly acquired Urbanest portfolio?
What is the total number of student beds included in the newly acquired Urbanest portfolio?
The Urbanest portfolio consists of 14 properties with a total of 6,805 beds. These properties are spread across four major Australian cities, as confirmed by AXA IM, Real Assets.
Q.Which company will be responsible for managing the Urbanest student accommodation properties?
Which company will be responsible for managing the Urbanest student accommodation properties?
Student accommodation manager Scape will operate the Urbanest properties. Scape also currently manages the consortium's existing Atira portfolio, which comprises 3,510 beds across its properties.
Q.Why is the Australian student housing sector considered appealing for this acquisition?
Why is the Australian student housing sector considered appealing for this acquisition?
The sector has favourable demand drivers and growing institutional appeal. Assets are tightly held and barriers to entry are high, particularly in Sydney, making this opportunity appealing to the consortium.
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