SC Capital Partners Group, a private equity real estate firm based in Singapore, has recently announced the sale of its student accommodation asset in Sydney, Australia. According to a press release on March 3, the group has successfully divested the property, which is situated on Anzac Parade and Lorne Avenue in Kensington, at a considerable premium to its original acquisition price. The sale also resulted in a 19% increase in the current book value of the asset. The buyer of the property is the prestigious University of New South Wales (UNSW) in Sydney.
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The student accommodation was initially purchased by SC Capital Partners in 2016, with reports indicating that the group paid a total of A$57 million for the asset. With this recent transaction, the group has further solidified its presence in the Australian market.
The purpose-built student accommodation boasts an impressive 85,035 square feet of space and can accommodate 233 students. The ground floor also features a commercial podium. Its strategic location within 600 meters of the UNSW Kensington Campus makes it an ideal choice for students looking for convenient and accessible housing. The property is currently fully leased to UNSW, with a new 20-year master lease signed in 2019.
This successful transaction is indicative of the growing demand for student accommodation in the current market. SC Capital Partners has continuously demonstrated its ability to identify and capitalize on lucrative investment opportunities, further strengthening its position as a leading player in the real estate market. With this latest sale, the group has once again showcased its expertise in creating value and delivering attractive returns for its investors.