Scape Australia plans to launch a third development fund next year, with targeted equity raise of up to A$1bn (€614.6m).
Craig Carracher, co-founder and chairman of Scape, told IPE Real Assets that the Scape Joint Venture 3 fund will not be limited to student accommodation, like its two predecessors.
Instead, it will develop a balance of premium student accommodation and urban co-living products, aimed at a wider range of students, including postgraduate and mature-aged students.
“We have already received unsolicited expressions of interest from global capital partners, and we also expect existing partners in our two development funds to participate in the new vehicle,” he said.
Carracher said pledges so far totalled “well in the A$1bn range”. The group has already deployed A$1.5bn of capital raised by various vehicles in its platform.
“We will launch the next fund when we firm up these commitments, likely towards the end of the first quarter of next year, after the commencement of the next university semester,” he added.
Some of Scape Australia’s long-standing investors include Allianz Real Estate, Bouwinvest, a Middle-Eastern sovereign wealth fund and German pension fund WPI.
Scape Joint Venture 2 finalised purchase of the serviced apartment component of Melbourne’s tallest residential tower, Aurora, from the Malaysian developer, UEM Sunrise, for $125m this week.
The A$500m in equity raised by Scape Joint Venture 2 is now fully invested.