Singapore private equity real estate firm SC Capital Partners Group has sold its student accommodation asset in Sydney, Australia.
In a March 3 press release, the group says it sold the asset, located on Anzac Parade and Lorne Avenue in Kensington, at a “significant premium” to the price it had acquired it for and a 19% premium to its current book value. The buyer is the University of New South Wales (UNSW) in Sydney.
SC Capital Partners had purchased the property in 2016. At the time, the group was reported to have paid A$57 million for the asset.
The 85,035 sq ft purpose-built student accommodation has 233 beds and a ground-floor commercial podium. It is located within 600m of the UNSW Kensington Campus. The student accommodation component is fully leased to UNSW. A fresh 20-year master lease was signed in 2019.
