GIC, Macquarie invest in Australian student accommodation
GIC Private and Macquarie Capital have formed a joint venture to acquire a majority stake in Australian student accommodation operator Iglu.
The value of the investment value was not disclosed but GIC said the transaction is the largest of its kind in the country's student accommodation sector.
Iglu - a specialist developer, operator and owner of purpose built off-campus student accommodation - has a property portfolio valued at approximately A$150 million ($132 million), comprising over 900 beds across three properties in Sydney and Brisbane.
Further funding will be committed to build additional Iglu-managed properties that are close to educational institutions and public transport.
"The student accommodation sector has excellent investment fundamentals with a well documented supply shortage," said Chris Green, global head of Macquarie Capital Real Estate.
He added that Australia is now the third most popular destination for international students behind the US and the UK. However, the increase in student numbers has not been met with an equivaluent increase in accommodation supply.
Singapore sovereign wealth fund GIC claims to have invested well over $100 billion since its inception in 1981. Macquarie Capital is one of six operating firms within the Macquarie Group. Its funds had completed 447 transactions worth more than A$85 billion as of the end of March last year.
More on Australasia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.