IFM Investors has acquired the Curtin University Student Accommodation Project in Western Australia from InfraRed Capital Partners.
The mixed-use project at Curtin’s Perth Campus, also known as Greater Curtin Stage One, consists of student and private accommodation, a hotel, commercial space and retail facilities, and has the potential for future expansion.
In 2019, InfraRed entered into a 35-year concession with Curtin University to design, finance, construct, and operate the development. InfraRed’s role also comprised the ongoing management of existing student accommodation.
The US$209m (€180m) project, which opened in January 2022, included the construction of a 60-room hotel, commercial space, and retail shops.
IFM said its special-purpose vehicle management firm Infranexus, which has managed a concession for the District Court of Western Australia in Perth since 2008, will manage the project.
Michael Hanna, IFM head of infrastructure, Australia, said: “This project is a significant and strategic addition to the IFM and the Infranexus platform and as a result has the potential to deliver long-term risk-adjusted returns for IFM’s clients and the working people they represent.
“This investment builds on IFM and Infranexus’ experience in managing complex infrastructure and PPPs [public private partnerships] and we look forward to supporting and working with Curtin University.”
Nick Easy, Infranexus management CEO, said: “This project aligns strongly with our purpose and vision and is a new investment in the student accommodation sector.
“We look forward to continuing and strengthening the strong partnership with Curtin University by supporting tertiary education with a range of purpose-built student accommodation options.”
Sven Stubican, partner at InfraRed Capital Partners, said: “We are extremely pleased with the successful outcome of this investment and project. It has been delivered end-to-end under InfraRed’s long-term ownership, from initial design and development in partnership with Curtin University, through to successful delivery, operation, and refinancing.
“This has been a transformational precinct development for our client and the student community. The asset is performing with high occupancy and has demonstrated strong resilience, even during challenging periods such as the COVID-19 pandemic. This project is a clear demonstration of InfraRed’s value-add approach to delivering infrastructure.”
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