AMP Capital Diversified Infrastructure Trust will take over the student accommodation concession for the University of Melbourne's Melbourne Connect facility for A$150 million, The Australian Financial Review reported.

The 42-year deal with student dorm operator Urbanest will allow the trust to operate and manage the 527-bed innovation hub, which is due to open in 2021.

The property in Carlton was originally part of a LendLease-led consortium development on the former Royal Women's Hospital site.