Savills advises on largest student accommodation transaction in Australia for A$2.1bn+
Evergreen, M3 Capital Partners’ (“M3”) principal investment vehicle, has sold its 7,402 bed Urbanest Australia Purpose Built Student Accommodation (PBSA) platform. The sale, in excess of A$2.1 billion, is the largest ever student accommodation transaction in Australia and reflects a new low in terms of Net Initial Yields for the sector.
The disposal includes 15 PBSA assets in Sydney, Melbourne, Adelaide and Brisbane, as well as market leading operational platform, Urbanest Australia.
The platform, along with 14 operational assets, comprising 6,875 beds, were purchased by a syndicate of global institutional investors managed by Scape. An additional 527 beds, currently under construction, have been purchased by the University of Melbourne. Savills advised the vendor on both transactions …