“We believe that given our deep expertise and knowledge in the built environment, this was the best approach to take in executing our investment thesis of addressing the student housing undersupply situation at that time, and our efforts are now starting to pay off,” Goh mentioned.
“We are extremely pleased to have done a recapitalisation of our first Australia focused PBSA fund, providing exit certainty for our investors within the fund term and providing a war chest for the group from the partial recycling of capital should further investment opportunities arise. ”
Global personal fairness group Brookfield has additionally recognised the potential for large-scale progress within the sector with its first funding in pupil lodging in Australia, placing a three way partnership with built-in property enterprise Citiplan to accumulate a purpose-built pupil lodging improvement website reverse the University of Melbourne.
Last month, Brookfield and Citiplan struck a deal to construct a platform of high-quality purpose-built pupil lodging belongings managed by Journal Student Living. The platform goals to ship high-quality belongings in key gateway areas round Australia and New Zealand.
The three way partnership will construct on Brookfield’s $US7.4 billion ($10.06 billion) world pupil lodging enterprise, with 197 belongings, containing greater than 55,000 beds throughout Europe and the United States, together with companies Scion Group and Student Roost.
Brookfield’s head of actual property investments, Ruban Kaneshamoorthy, mentioned the thematics driving pupil housing have been sturdy as we moved right into a post-COVID atmosphere.
“There has been significant growth in international student enrolments over the past 10 years, driven by a burgeoning Asian middle class who view Australia as an attractive studying location, and we expect growth to rebound in the coming years,” he mentioned.
The acquisition of the preliminary website alerts Brookfield’s acceleration into different actual property belongings in Australia after it acquired seniors dwelling enterprise Aveo in 2019.