The Australian Student Accommodation Program Joint Venture (ASAP JV) has entered into binding contracts to acquire Urbanest, the owner of Australia’s largest purpose built student accommodation (PBSA) portfolio. The ASAP JV was formed in September 2019, with AXA Investment Managers – Real Assets (AXA IM) on behalf of clients, alongside Allianz, another global insurance group, and Scape, with APG, a Dutch investment manager entering more recently.
The Urbanest portfolio comprises 6,805 beds across 14 operational assets located in four major Australian cities and will now be operated by Scape, a leading global operator, owner and manager of student accommodation assets with whom the ASAP JV has an established partnership.
The Urbanest portfolio is well diversified by location, being split across Sydney, Melbourne, Brisbane and Adelaide, with an offering ranging from prem
