Scape secures further capital for student accommodation fund

Student accommodation developer Scape Australia has won further financial backing, this time from European and Middle Eastern investors, according to The Urban Developer.

Scape Australia JV 2 is an Australian dollar–denominated, close-ended fund targeting the purpose-built student accommodation market in Australia. The fund’s strategy is to leverage demand for these accommodation assets across the six tier-one cities of Sydney, Melbourne, Brisbane, Perth, Canberra and Adelaide.

The equity raise follows a $250 million commitment to the fund last month, reported by IREN, and equity commitments currently total more than A$1 billion ($760 million).