The National Pension Service of Korea has committed A$700 million ($439.8 million) to Scape Core Fund (SCF). This fund is a vehicle of Scape, an Australian student accommodation firm.
SCF is a core, core-plus open-end fund. It will focus on stabilized or stabilizing assets in Australia’s six tier-one education cities — Sydney, Melbourne, Brisbane, Perth, Canberra and Adelaide. It has a fundraising goal of A$6 billion ($3.8 billion).
The National Pension Service of Korea is a public pension fund that has $791 billion in total assets under management, as of Nov. 30, 2024. It has a 10 percent target real estate allocation, with $38 billion in total real estate assets, as of Dec. 31, 2023.