SC Capital Partners Group, a private equity real estate firm based in Singapore, recently announced the sale of its student accommodation asset located in Sydney, Australia. The transaction was finalized on March 3, and the group has confirmed that the asset, situated on Anzac Parade and Lorne Avenue in Kensington, was sold at a substantial premium to its original purchase price, as well as a 19% premium to its current book value. The buyer of the property is the University of New South Wales (UNSW) in Sydney, signaling a strategic investment for the esteemed institution.
The student accommodation asset was originally acquired by SC Capital Partners in 2016 for a reported price of A$57 million. This latest sale is a testament to the group’s impressive track record in identifying and investing in prime real estate opportunities.
Spanning over 85,035 square feet, the purpose-built student accommodation boasts 233 beds and a ground-floor commercial podium. Its prime location within a mere 600 meters of the UNSW Kensington Campus makes it a highly desirable property for students and faculty alike. The accommodation component of the property is currently fully leased to UNSW, with a fresh 20-year master lease signed in 2019 to ensure long-term stability.
This sale is yet another sign of the growing demand for quality student accommodation in Australia, with institutions such as UNSW recognizing the value in investing in such assets. With such a strong show of confidence from a renowned institution, it is clear that SC Capital Partners has made a wise and lucrative investment with this property.