QuadReal, the real estate investment arm of British Columbia Investment Management Corporation, has mandated Australia’s listed property group GPT to manage its existing, wholly-owned Australia and New Zealand student accommodation portfolio.
Industry sources estimated the value of the portfolio at around A$1bn (€602m), based on a recent transaction involving Blackstone, which paid AS$500m for a 2,300-bed portfolio in Brisbane.
The mandate is to manage the investment of nine student accommodation assets in Melbourne, Brisbane, Adelaide and Auckland with approximately 5,000 beds.
The portfolio’s previous fund manager Cedar Pacific, which owned a minority stake, announced its exit from the investment earlier this month.
Student housing operator Unilodge continues to provide property services to the buildings.
The mandate comes a week after QuadReal bought the remaining 50% of a portfolio of US student accommodation totalling 20,000 beds and valued at around US$4bn from CA Ventures.
GPT’s CEO, Bob Johnston, said: “We are very pleased to be strengthening our partnership with QuadReal through the addition of this student accommodation mandate to our funds management platform.”
He said the addition of the mandate was in line with GPT’s intention to grow its A$20bn fund management platform.
QuadReal’s existing relationship with GPT dates back to 2021 when it established a joint venture to develop logistics assets.
QuadReal has other investments in Australia, including a build-to-rent venture with Lendlease in Brisbane.