Scape, which specializes in student housing, is looking to raise A$500 million for its second Australian wholesale fund, IPE Real Assets reported.

The fund has so far drawn interest from existing backers, Australian industry superannuation funds, sovereign wealth funds and other global investors, according to the report.

The new fund will develop 5,000 student beds, which would expand the portfolio to 10,000. It will focus on Sydney, where the market for development sites is opening up for the first time in three years, Scape's Australian Director Craig Carracher told the publication.

Carracher also told IPE that Scape's first Australian fund has A$30 million remaining to invest of its A$500 million capital. Most of that fund's capital was funneled to 10 projects primarily in Brisbane and Melbourne.