Weave makes maiden Australian accommodation play
Weave Living – backed by KKR and Warburg Pincus – has bought an inner south west Sydney site with plans for 80 studio apartments.
The Hong Kong based rental housing provider said the end value of the project, earmarked for a Glebe block opposite Broadway Shopping Centre, will circle $63 million.
Longer term it hopes to hold c$300m of product here with a focus on student accommodation then, traditional build to rent projects.
The company will also open a Sydney office next quarter.
Weave comes to Australia
As well as Hong Kong, Weave Living has developed and invested in Japan, Singapore and South Korea.
Two weeks ago it acquired its third student accommodation investment, in Seoul.
At Glebe, it will compete for residents with other established providers, Iglu and Scape.
The block is walking distance to the University of Sydney, near Central Station.
Another offshore investment
Also this month, Singapore developer Centurion settled on a Nedlands, Perth, site – near the University of Western Australia – with plans for a 19 level student accommodation complex.
On Stirling Highway, the end value of that proposal, with 472 beds in 460 studios, is expected to circle $60m.
Centurion is also expected to deliver student housing on the ex-Victoria Police Association headquarters in Melbourne’s CBD which it bought for $30m in June following a campaign by Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma.
More to come.
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