Real estate manager SC Capital Partners has sold an Australian student accommodation asset to the University of NSW (UNSW) at a “significant” premium to the original purchase price and a 19% premium to the current book value.
Singapore-headquartered SC Capital acquired the 233-bed purpose-built student accommodation in Sydney’s Eastern Suburbs for its core real estate fund SCORE in 2016 for A$57m (€34m).
The student accommodation component is leased to UNSW on a fresh 20-year master lease secured in 2019.
The transaction demonstrated the robust demand for living assets in Australia, which had drawn heightened interest from investors and operators, according to the firm.
Suchad Chiaranussati, chair and founder of SC Capital Partners, said: “This high-profile asset has delivered excellent value and return for our investors.
“As an investment manager committed to key investment thematics with strong demographic-driven tailwinds, we were an early mover in the highly sought-after student accommodation sector. “
Suchad said other high conviction strategies that were a key focus for the firm included hospitality and data centres, where the firm continued to see a strong pipeline.
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