Already a subscriber?Scape Australia has closed a joint venture to develop 3000 new student accommodation rooms with Dutch pension fund APG and Canadian property giant Ivanhoe Cambridge, seeded with 1000 rooms in theThe joint venture, which intends to borrow a further $400 million to complement the $600 million in equity contributed by the three partners is the third such fund for privately owned Scape and will focus the balance of investment on sites in central Sydney, cofounder Craig...
“The market we feel under-represented in, because of the planning is the Sydney CBD, or Sydney economic precinct around UTS and the University of Sydney,” Mr Carracher told“We have 5000 beds now. We would like another 5000 beds there but can’t find the sites.” with sectors such as PBSA and hotels – it battles planning restrictions that make it hard to get projects approved.Scape had secured space in the $1.7 billion Gurrowa Place project because it was working with the City of Melbourne and Lendlease to realise the project.
Mr Carracher said Scape’s pipeline of completed and in-development student accommodation units would rise to about 28,000 with the full deployment of funding from its new joint venture – the third it has secured with institutional investors to date – and the market was still growing and that it aimed to have 35,000 units in its pipeline by 2028.“We think there’s room for Scape, our brand, to have another at least 35,000 beds in the marketplace.