Sc Capital Partners Sells Sydney Student Accommodation Asset
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Singapore-based private equity real estate firm, SC Capital Partners Group, has recently announced the sale of its student accommodation asset in Sydney, Australia. According to a press release on March 3, the group has sold the property located on Anzac Parade and Lorne Avenue in Kensington at a premium to its previous acquisition price, and a 19% premium to its current book value. The buyer of the asset is the University of New South Wales (UNSW) in Sydney.
SC Capital Partners had acquired the property in 2016 for an estimated A$57 million. The 85,035 square feet purpose-built student accommodation boasts of 233 beds and has a commercial podium on the ground floor. It is strategically located within 600m of the UNSW Kensington Campus and is fully leased to UNSW. In 2019, a new 20-year master lease was signed for the student accommodation component.
This sale comes amid a growing trend in the Asia-Pacific region, where private equity real estate firms are actively seeking to offload assets at a significant premium to their initial acquisition cost. Singapore-listed real estate investment trust Christian Louboutin Outlet (REIT) CapitaLand Investment (CLI) raised its funds under management (FUM) to $113 billion after acquiring a majority stake in a portfolio of assets from CLI for $1.3 billion.
With this latest transaction, SC Capital Partners has once again demonstrated its strong track record in the region and its ability to generate attractive returns for its investors. The firm has a diversified portfolio of assets across various sectors, including commercial, residential, and hospitality, and plans to continue its growth trajectory in the coming years.