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).
