Scape Australia closes third PBSA Development JV at $660m alongside APG and Ivanhoé Cambridge

Scape Australia has formed a partnership with Dutch pension investor APG Asset Management N.V. (APG) and Ivanhoé Cambridge, a global real estate investor, to develop purpose-built student accommodation (PBSA) assets in Australia’s thriving student housing sector.

The new joint venture, which is subject to regulatory approval, is the third in a series of development joint venture vehicles (previous joint ventures were established in 2015 and 2018). It will continue Scape’s strategic focus on urban locations close to Australia’s world-class universities, while incorporating the next level of design from Scape’s in-house development, design and operational teams. The venture will leverage the significant operational scale (17,200 operational apartments) and an internal team that already manages Australia’s largest privately owned residential-for-rent portfolio.

The joint venture is seeded with a prime development opportunity of circa 1,000 PBSA apartments at Qu