London asset manager buys major Melbourne student accommodation complex
M&G Real Estate has swooped on a major student accommodation investment in Melbourne’s inner north.
The Unilodge Royal Park or Park Avenue complex at the north west corner of Royal Parade and Leonard Street, Parkville, set the global asset manager back $97 million.
Invesco was the seller; it recently renovated the distinctive circle shaped building with 368 beds in 328 suites, adding three floors.
It, via a partnership with GSA, paid the University of Melbourne c$20m for the property in 2017.
At the time known as Whitley College, it had 130 beds across three storeys.
JLL’s Jack Bergin, Luke Prokuda and Josh Rutman brokered the deal with London based M&G (story continues below)
The price is understood to reflect a circa five per cent net yield.
Also today we are reporting UNSW acquired a student accommodation complex in Sydney’s Kensington, from Singapore’s SC Capital.
Cambridge RE Partners meanwhile, also from Singapore, has snared a Sydney CBD office leased to Central Queensland University as a campus.
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