SC Capital Partners Group, a Singapore-based private equity real estate firm, recently announced the sale of its student accommodation asset in Sydney, Australia. The property is situated on Anzac Parade and Lorne Avenue in Kensington.
In a press release on March 3, the group revealed that it sold the asset at a considerable premium to its initial acquisition price and a 19% premium to its current book value. The University of New South Wales (UNSW) in Sydney was the buyer.
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The property was originally purchased by SC Capital Partners in 2016 for A$57 million. The purpose-built student accommodation spans 85,035 sq ft and features 233 beds, as well as a ground-floor commercial podium. Its proximity to the UNSW Kensington Campus, being within 600m, makes it an attractive option for students. The student accommodation is fully leased to UNSW, with a new 20-year master lease being signed in 2019.