CBRE Investment Management’s indirect private real estate strategy (CBRE IM Indirect), has committment capital to Scape Australia’s open-ended core purpose-built student accommodation (PBSA) fund.
CBRE IM Indirect’s unspecified commitment to the Scape Core Purpose-Built-Student-Accommodation Fund, which expects to hold A$6bn (€3.6bn) in assets, follows recent equity commitments from existing investors APG and Bouwinvest, National Pension Service of Korea, Caisse de Dépôt et Placement du Québec and UBS Asset Management.
The fund currently has a portfolio of 33 operational PBSA assets with 16,300 beds in four capital cities.
The incremental equity would be deployed to grow the PSBA fund through a merger with six Scape Australia developed assets and two development sites valued at A$2bn.
Alex Crossing, head of APAC at CBRE IM Indirect, said: “The living sector is a preferred investment theme globally and having exposure to high quality, core PBSA real estate with Scape complements our existing student accommodation investments worldwide, which include both income-generating assets and develop to core strategies where markets are undersupplied.”
Stephen Gaitanos, managing director Scape Australia, said: “We are excited to have a high-profile investment manager such as CBRE IM Indirect show confidence in the fund and our platform. It will provide their clients with immediate access to a well-diversified portfolio of the highest quality PBSA asset and allowing us further opportunity for expansion.”
Craig Carracher, Scape Australia, executive chairman, said: “This significant investment comes at a very exciting time for us, as we enter our second decade of operation here in Australia and really hone in on delivering to our vision, to be Australia’s largest end-to-end specialist residential rental and operating accommodation platform.”
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