Brookfield has made its first investment in the student accommodation sector in Australia, forming a joint venture with integrated property business Citiplan to acquire a purpose-built student accommodation development site directly opposite the University of Melbourne.
Brookfield and Citiplan intend to work together to build a platform of high-quality purpose-built student accommodation assets (PBSA) managed by Journal Student Living. The platform aims to deliver high-quality PBSA assets in key gateway locations around Australia and New Zealand.
The joint venture will build on Brookfield’s $7.4 billion global student accommodation business, with 197 assets, containing over 55,000 beds across Europe and the United States, including businesses Scion Group and Student Roost. The 444-bed project buy is part of the Canadian investor’s plan to grow its portfolio to more than A$500 million ($370.5 million).
“The thematics driving student housing are strong as we
