Mapletree Investments has acquired a 1,398-sqm site along Wellington Street, Perth, to be developed into a 835-bed student housing asset, as part of its broader move to focus on this asset class as a core sector.
The acquisition marks Mapletree’s first entry into Australia’s student housing sector.
The value of this acquisition was not disclosed by Mapletree in its release. According to the Australian Financial Review, this development is worth around A$300 million when completed.
“We’ve got significant growth targets that are global growth targets that incorporate Australia as a key area of growth for us," Matt Walker, CEO, Student Housing, Mapletree, told the AFR.
Since entering the student housing market in 2016, Mapletree has grown its portfolio to 79 properties with over 27,800 beds across the US, UK, Canada and Germany.
Mapletree bought the site from Alceon, an investment manager. The latter will remain involved as the project's development manager.
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According to Mapletree, nearby universities are Edith Cowan University, Curtin University Law School, University of Western Australia and ECU City Campus, which is an upcoming development set to open in 2026.
Construction will take place between August this year and December 2027 and this 32-storey-tall development will be operational by February 2028.
“Australia’s student housing sector has attracted robust investor interest due to its large student population, limited supply and counter-cyclical features,” says Walker.
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Perth, according to Walker, remains one of Australia’s most undersupplied CBD for student accommodation despite being home to many prestigious institutions.
"We are excited about this scaling opportunity and look forward to delivering a top-tier asset that will greatly appeal to both students and investors," he adds.