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Scape Acquires Australian Portfolio

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

The fund behind the student accommodation provider Scape is to acquire the Australian Urbanest Portfolio of PBSA assets from M3 Capital Partners' Evergreen Real Estate fund.

Scape is now a global operator of student properties located around the world and is active in leading academic cities.

The latest purchase marks a strategic step for the business, as the company brings its product to a growing global market.

The Australian PBSA Fund (APF) was established in September this year in partnership with Scape's investor AXA Investment Managers - Real Assets (AXA), as well as anchor investor Allianz Real Estate (Allianz). They were also joined by incoming investor APG Asset Management (APG), who was a founding partner of Scape in 2015.

The acquisition of Urbanest includes 6,805 beds split across 14 operational assets located in Sydney, Melbourne, Brisbane, and Adelaide and follows on from Scape's acquisition of the Atira Student Living platform in September 2019, which contained 3,510 beds, also located in Australia.

Commenting on the announcement, Founder & Global Chairman of Scape, Nigel Taee said:"We are thrilled to have acquired Urbanest Australia as we continue with our ambitious plans to build out a global purpose-built student accommodation platform."