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Starwood Teams up With Scape

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Starwood Capital Group has entered into its first debt transaction in Australia, providing a EUR 123.5m facility to fund the construction of the world's tallest student accommodation tower.

Starwood has teamed up with Scape to fund Scape Franklin, which is due to open in 2021 and will consist of 812 purpose-built student bedrooms.

The development is owned by Scape's first Australian fund, backed by Dutch pension investment managers APG and Bouwinvest and the Scape Founders.

In addition to student bedrooms, the project will also comprise of a 10,000sqm commercial podium and ground floor retail space.

Craig Carracher, executive chairman of Scape Australia, said: "The scale of the Scape Franklin project will allow Scape to create an urban campus in the heart of Melbourne's education and innovation precinct and is consistent with our strategy to offer valued-based serviced accommodation in gateway cities."

Scape already manage student accommodation assets in London, Guildford and Egham.