M3’s Evergreen sells PBSA platform for $1.4b

Evergreen, M3 Capital Partners’ principal investment program, has sold its 7,402-bed Urbanest Australia purpose-built student accommodation (PBSA) platform.

The sale, in excess of A$2.1 billion ($1.35 billion), is the largest ever student-accommodation transaction in Australia.

The disposal includes 15 PBSA assets in Sydney, Melbourne, Adelaide and Brisbane, as well as market-leading operational platform, Urbanest Australia. The platform, along with 14 operational assets, comprising 6,875 beds, was purchased by a syndicate of global institutional investors managed by Scape. An additional 527 beds are currently under construction and have been purchased by the University of Melbourne. Savills advised the vendor on both transactions.

Joe Guilfoyle, head of corporate finance, Savills Capital, said, “We are delighted to execute another landmark M&A deal in the student accommodation sector on behalf of M3 Evergreen. This transaction demonstrates the con