GPT seeds mandate with $47m student accommodation complex
The GPT Group has snapped up a warehouse converted student accommodation complex to seed a value-add mandate with an offshore capital partner.
In Camperdown, 43-45 Australia Street (Google Street View image, top), set it back $47 million.
Over three floors, it trades as the Australian Catholic University’s Miguel Cordero Residence.
It has about 150 beds in a mix of units – multi-share apartments, some with four and five bedrooms, studios and premium studios. The complex also contains a gym and gaming room with table tennis table and portable billiards table.
The site spreads 1695 square metres, four kilometres south of Sydney’s CBD, walking distance to the University of Sydney’s main campus.
“The new partnership is targeting value-add opportunities and is sector agnostic,” a spokesperson for the buyer said in a statement.
Also this week, GPT finalised the sale of a 50 per cent interest in the Sydney CBD’s Grosvenor Place office.
Worth $860m, that deal is with Commonwealth Superannuation Corporation (continues below).
Another Sydney student accommodation deal
The Camperdown sale is subject to Foreign Investment Review Board approval.
The deal comes a week since we reported Scape bought a nearby Redfern site from EG Funds permit-ready for a 300-unit student accommodation complex.
Also this month, Affordable Habitats banked $21.5m for an asset of this type, in Newtown, while four weeks ago, Singapore’s Unitas Premier shed a Kingsford investment.
In September, Weave Living outlaid $63m for a Glebe block, for a major student accommodation complex.
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