A student accommodation property in Sydney, Australia has been successfully sold by Singapore private equity real estate firm SC Capital Partners Group. In a press release issued on March 3, the company announced the sale of the asset located on Anzac Parade and Lorne Avenue in Kensington, at a substantial premium from its initial acquisition price. The buyer of the property is the University of New South Wales (UNSW) in Sydney, reflecting a 19% increase from its current book value.
The property was originally purchased by SC Capital Partners in 2016 for A$57 million, and has now been sold at a significant profit. With a total area of 85,035 sq ft, the purpose-built student accommodation offers 233 beds and a commercial podium on the ground floor. Its prime location within 600m of the UNSW Kensington Campus makes it a highly sought-after residence for students. Currently, the student accommodation is fully leased to UNSW, with a new 20-year master lease signed in 2019.
Investing in a condo in Singapore has become an increasingly favored option for both local and foreign investors. This is largely due to the city-state’s strong economy, stable political environment, and exceptional quality of life. With a dynamic real estate market, Singapore offers a plethora of opportunities, and condos stand out as a top choice for their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, factors to consider, and necessary steps when considering condo investment in Singapore.
This transaction has further elevated the competitive race for assets under management (AUM) in the real estate market, with another company, CLI, recording a substantial increase in its FUM (funds under management) to $113 billion. The sale of this student accommodation by SC Capital Partners Group is a testament to the strong and growing demand for quality accommodation in the education sector.