AMP Capital has confirmed the acquisition of a newly developed 731-bed student accommodation facility from the Australian National University (ANU) bringing the total portfolio of on-campus beds at the institution to 4,915.
AMP Capital is Australia’s largest investor in on-campus student accommodation, with 2,131 beds at the University of Melbourne and University of Sydney. The A$112 million ($76 million) acquisition was completed with a simultaneous debt refinancing of the existing portfolio via new debt facilities worth about A$575 million ($388 million) with a range of Australian and international banks.
The ANU acquisition is structured as a 35-year concession over the student accommodation facility in Acton, adjacent to the Canberra CBD. The acquisition was funded by investments from the AMP Capital Diversified Infrastructure Trust (ADIT) and the AMP Capital Core Infrastructure Fund (CIF).
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