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Transactions - JUNE 30, 2020

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Allianz SE buys 1,391-bed student-housing towers for $315m

by Andrea Zander

ARE Funds AZL GmbH and ARE Funds APKV GmbH, indirectly wholly owned subsidiaries of Allianz SE, have acquired 1,391 beds of student accommodation in Melbourne.

The sellers were Evolution Trustees Limited, as trustee for the Journal Student Accommodation Fund (JSAF), in which Redefine has a 90 percent beneficial interest, and Journal Property Ltd., as trustee for the Journal Swanston Sub Trust (JSST), which holds the property known as Central, Swanston Street, in which Redefine has a 90 percent beneficial interest.

The purchasers will acquire the land and property-letting enterprise known as Leicester Street and Swanston Street for an aggregate disposal consideration of A$459 million ($315 million).

During 2017, Redefine acquired a 90 percent beneficial interest in JSAF, and during the following year, JSST, in order to develop the properties in Melbourne as purpose-built student accommodation and associated retail. Development of Leicester Street, an 804-be

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