Gaw Capital Partners has bought Melbourne’s Bell City mixed-use development for AUD157m (€100m).
The private equity real estate firm made the acquisition in part through its hospitality arm, GCP Hospitality.
Bell City, roughly equidistant from Melbourne Airport and the city’s central business district, consists of two hotels under the Mantra and BreakFree brands, a conference complex, commercial tenancies, a 600-space car park and serviced offices.
GCP Hospitality will work to incorporate a ‘co-living’ concept, including a co-working hub, a fitness center, restaurants and bars, and an outdoor pool.
The company will also introduce its student shared-accommodation brand, Campus.
Kenneth Gaw, president and managing principal of Gaw Capital Partners, said: “In addition to giving us a foothold in the Melbourne market, this major hospitality asset will allow us to effectively roll out multiple concepts within the same project.
“After this acquisition, we look forward to further expansion opportunities in the Australia market.”
Christophe Vielle, CEO and co-founder of GCP Hospitality, said: “We are delighted to expand our footprint in Australia with this new acquisition.
“The increasing demand for modern community-living concepts will allow us to introduce within Bell City an in-mode co-living concept as well as roll out our student shared-accommodation concept”.