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Scape Australia gears up for A$1B core property fund's launch

Scape Australia is preparing to launch a A$1 billion core property fund that will invest in its portfolio of purpose-built student accommodation properties, The Australian Financial Review reported.

The fund is part of the company's strategy to manage A$4 billion worth of assets over the next five years, according to the publication.

The plan includes the completion of 18 property projects that will provide about 11,000 student beds. The paper noted that Scape's current portfolio comprises 2,500 student accommodation rooms and more than 8,000 rooms still under development.

Even though the company launched the first student accommodation-focused real estate investment trust in the U.K. in 2013, it is understood that as of the moment, it is not considering the same course of action for its planned core-style fund in Australia, the Aug. 5 report added.