Scape has tipped its housing assets into a $6bn open-ended fund offering a wider pool of investors exposure to the purpose-built student accommodation (PBSA) sector. The PBSA sector in Australia has experienced substantial growth in the past few years.
Three of the world’s largest pension funds have recommitted to Scape Australia’s flagship PBSA vehicle as it converts to an open-ended core fund. The current portfolio currently has 16,000 beds and a 4,000-bedroom pipeline.
Recently, Scape received $700m in funding from South Korea’s National Pension System and has put about $250m of that capital into the purchase of $1.9bn worth of six Scape-developed assets and two development sites.
UBS Asset Management has also come in as a new investor, joining existing parties including APG, Bouwinvest and Ivanhoé Cambridge to provide the remainder of the $1bn in equity needed to purchase the assets.
“[Creation of the fund] provides investors with immediate access to a well-diversified portfolio of the highest quality PBSA assets.
“This comes at a very exciting time, following the successful journey we have been on for the past ten years, with our current portfolio at full occupancy and a clear need for more well-designed and located PBSA rental accommodation in Australia.”.
Stephen Gaitanos, Co-founder and Chief Executive, Scape
Scape’s expansion strategy extends beyond PBSA. The company established its Build to Rent (BTR) platform, Rent-to-Live Co, in 2023, supported by Dutch pension fund APG and Bouwinvest.
