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AXA Investment JV to purchase Urbanest

A joint venture by AXA Investment Managers - Real Assets, Allianz SE and APG is collaborating with Scape Australia to acquire Urbanest.

Urbanest holds the largest purpose-built accommodation portfolio in Australia, with 6,805 beds and an average asset age of around 4.5 years.

According to a Dec. 11 press release, the joint venture's student housing portfolio in Australia will have a total of 10,315 beds following the acquisition.

The portfolio, which spans 14 operational sites in Sydney, Melbourne, Brisbane and Adelaide, was expected to raise more than A$2 billion in September.