Brookfield Asset Management has acquired a 50% stake in Journal Student Living from property business Citiplan, which will continue to own the remaining half stake.
The Brookfield-Citiplan joint venture has acquired a further two sites in Melbourne and Brisbane, with Brookfield as the majority shareholder.
The first asset in Melbourne is on track to open ahead of the second semester of 2025. Journal Student Living will manage all three assets once complete.
The acquisition is part of Brookfield’s strategy to expand its Australian student housing portfolio, which currently stands at A$1bn (€587) under construction.
Ruban Kaneshamoorthy, Brookfield Asset Management’s co-head of Australia real estate, told IPE Real Assets the timeline for its planned expansion would depend on available opportunities.
“We’re actively exploring how we can grow the platform into Sydney, Adelaide and Perth given the under-penetration of purpose-built student accommodation to support Australia’s important tertiary education sector,” he said.
Journal Student Living CEO Ian Davidoff said: “Since its inception, Journal has been offering students a unique living experience shaped by creativity, design, culture and a community-focused environment.”
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