Scape sets up $1b Australian core student accommodation program
Scape Australia has partnered with Allianz Real Estate and AXA Group to establish Scape’s first closed-end core program (Core Program) targeting the purpose-built student accommodation (PBSA) market in Australia, with total equity capacity of A$1.5 billion ($1 billion).
On behalf of several Allianz companies, Allianz Real Estate will cornerstone the Core Program with an initial commitment of A$450 million ($309 million). AXA will initially commit A$250 million ($172 million). Allianz Real Estate is also the anchor investor of the Scape Australia JV 2 PBSA Development Program alongside Bouwinvest, WPI, a Luxembourg fund owned by a German institutional investor, a Middle-Eastern sovereign wealth fund and the Scape Australia founders, Stephen Gaitanos and Craig Carracher.
Scape’s strategy is to leverage its branded real estate developments into the structural demand for PBSA in gateway education cities around the globe. Scape is planning to seed the Core Progra