Scape Australia has launched a new AU$1 billion joint venture with global property investor Ivanhoé Cambridge and Dutch pension investor APG Asset Management N. V. to develop student accommodation in Australia. The foundation stone will be laid by two project developments totalling 1,000 residential units at the historic Queen Victoria Market in Melbourne.
A structural undersupply of rental flats, strong rental demand and tight housing budgets on the tenant side create an attractive market environment in Australia. The joint venture between the three partners will create an appealing offer for Australian and international students through intelligently designed, purpose-orientated housing solutions, thereby easing pressure on the housing market.
George Agethen, Head of Asia Pacific at Ivanhoé Cambridge, said: “We are delighted to enter into this new strategic development partnership with Scape Australia in the student housing sector. The engagement in this project development joint venture complements our recent investment in the Scape Core Programme and will further diversify our APAC portfolio with defensive cash flows driven by the region’s demographics and demand for quality education in Australia.”
Please find the full content of the press release attached. We will be happy to provide you with a German translation on request. A rendering of the two project developments can also be found in the attachment.
