The National Pension Service (NPS) of Korea, the third-largest pension fund in the world, will join a host of major industry players including AXA General Insurance, Allianz and APG as investors in an Australian student housing fund.
NPS is planning to commit $300 million to the $3.3 billion Scape Core Fund, managed by Scape Australia, a source with knowledge of the matter told Yonhap News Agency.
This is Scape’s first closed-end core program targeting Australian purpose-built student accommodation (PBSA), according to APAC Real Estate, which reported on the fund’s launch in September 2019.
“The quality and depth of our equity partnerships and our banking syndicate supports the long-term confidence in the Australian education sector and Scape’s management platform, which now extends to 24 operating assets nationally in the Scape Core Fund,” Craig Carracher, executive chairman at Scape, told the Australian Financial Review.
