SC Capital Partners Group has closed the sale of a student accommodation asset located in 159–171 Anzac Parade & 1 Lorne Avenue Kensington, Sydney, on behalf of its SC Core Fund (SCORE), to UNSW Sydney at a significant premium to the price SCORE acquired at and a 19 percent premium to current book value.
The 7,900-square-meter (85,000-square-foot) property comprises 233 student beds together with a ground-floor commercial podium and is strategically located within 600 meters (1,970 feet) of the UNSW Kensington Campus. The student accommodation component is fully leased to UNSW, with the SC Capital Partners team having secured a fresh 20-year master lease in 2019, which considerably enhanced the income profile and the valuation of the property.
Since acquisition of the asset in 2016, Sydney’s student accommodation market has flourished as enrollments have increased significantly in the undersupplied sector. Offering stability and long-term growth potential, t
