M3 Capital Partners LLC is planning to sell the Australian arm of Urbanest for its Evergreen Real Estate Partners Investment Platform after a strategic review of the student housing business, Reuters reported, citing the global real estate investment and advisory firm.

Urbanest Australia, one of the largest purpose-built student accommodation providers in the country, is expecting to record a net operating income of about A$100 million in 2020 and A$125 million by 2024, the news agency added, noting that Savills Capital Advisors is advising M3 Capital on any potential deal that might result from the planned divestment.

The business is expected to fetch approximately A$2 billion, according to The Australian, citing a Dow Jones Newswires report. It owns 14 buildings and more than 6,500 beds that are mainly in Sydney and Melbourne.