Mapletree Investments Marks Foray Australia Student Housing Market Acquisition Perth Site
Mapletree Investments has acquired a 1,398-square-meter site along Wellington Street in Perth, Australia for the development of an 835-bed student housing asset. This marks the company’s first foray into the country’s student housing sector as part of its efforts to focus on this asset class as a core sector.
The value of the acquisition was not disclosed in Mapletree’s release. However, according to the Australian Financial Review, the development is estimated to be worth around A$300 million upon completion.
“We have significant global growth targets that include Australia as a key area of growth for us,” says Matt Walker, CEO of Student Housing at Mapletree, in an interview with the AFR.
Since entering the student housing market in 2016, Mapletree has expanded its portfolio to include 79 properties with over 27,800 beds across the US, UK, Canada and Germany.
The site was purchased from Alceon, an investment manager. Alceon will continue to be involved in the project as the development manager.
Mapletree notes that the site is situated near prominent universities such as Edith Cowan University, Curtin University Law School, University of Western Australia and ECU City Campus, a development set to open in 2026.
The development, which will comprise 32 storeys, is expected to commence construction in August this year and be completed by December 2027, opening in February 2028.
“Australia’s student housing sector has attracted strong investor interest due to its large student population, limited supply and counter-cyclical features,” says Walker.
Despite being home to many prestigious institutions, Perth remains one of Australia’s most undersupplied CBDs for student accommodation, according to Walker.
“We are excited about this growth opportunity and look forward to delivering a top-notch asset that will appeal greatly to both students and investors,” he adds.
This article first appeared on .
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