Singapore fund manager doubles down on Australian social infrastructure
Singapore fund manager Cambridge RE Partners has bought its second local investment, three months after its first.
Port Macquarie’s Hastings Village (pictured, top), a 592-bed student accommodation complex leased for 20 years to Charles Sturt University, is costing $116 million.
It will be held by the Cambridge Social Fund but managed by local outfit Centennial which also sourced the property off-market.
The deal comes three months since Cambridge RE Partners paid $86.95m for a five level Waterloo, Sydney, office, Taylors House, majority leased to Taylors College for 7.5 years.
That asset, 965 Bourke St, was offloaded by Growthpoint which took over Fortius Fund Management’s near c$2 billion property platform in 2022.
Fortius, for another Singapore group, SC Capital Partners, outlaid $42.5m 10 years ago (story continues below).
SGS Properties’ Scott Gray Spencer marketed Hastings Village for the family which developed it between 2017-2023.
Charles Sturt, which opened its main local campus next door in 2016, will pay rent rises fixed to CPI.
Port Macquarie is about 400 kilometres north of Sydney.
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