Three years after establishing a mandate for industrial investments, GPT and Canada’s QuadReal have formed another, for student accommodation.
The partners will initially hold a portfolio of nine QuadReal properties – in Auckland, Adelaide, Brisbane and Melbourne – all up with c5000 beds, operated by UniLodge, which will continue to assume property management responsibilities, they are worth c$1 billion.
GPT is seizing it stake from Cedar Pacific.
Cedar Pacific’s 10 per cent ownership meanwhile has been purchased by QuadReal.
“We are very pleased to be strengthening our partnership with QuadReal through the addition of this student accommodation mandate to our funds management operation,” outgoing GPT chief executive officer, Bob Johnston, said (story continues below).
“We have a long history of leveraging our expertise and experience to add value for our investment partners and we look forward to building upon this track record,” he added.
In 2020, GPT and QuadReal formed an agreement for logistics assets; starting with an $800m mandate, it now holds product worth $2b.
GPT last week appointed Russell Prouse as Mr Johnston’s replacement.
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