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Report: Scape, Asian fund compete for A$2B Australian student accommodation sale

Washington State Investment Board short-listed student accommodation group Scape and an unnamed Asian real estate fund for the sale of Urbanest student accommodation business, which is expected to fetch more than A$2 billion, The Australian Financial Review reported, citing investor sources.

Despite a deal not being signed yet, the unnamed sources noted that Scape is confident it will secure exclusivity for Urbanest, which owns 12 properties across with more than 6,000 beds.

Other bidders for the Australian portfolio of student accommodation properties are Macquarie Infrastructure & Real Assets Inc., Cedar Pacific and Greystar Real Estate Partners LLC, according to the publication. Earlier contenders also included Singapore's sovereign wealth fund GIC Pte. Ltd., Brookfield Asset Management Inc. and Iglu.

News of Scape being shortlisted for the Urbanest portfolio came within a week after the company agreed to pay A$700 million for the acquisition of Atira student accommodation platform from Goldman Sachs Group Inc. and Blue Sky Alternative Investments Ltd.

A spokesperson did not return calls for comment, the Sept. 10 report added.