Australia’s Top Student Beds Investors for 2025

A forecast rapid rebound in international student arrivals is providing grounds for strong investor conviction in the growth of purpose-built student accommodation. It is attracting strong interest from institutional capital as it looks for greater exposure to the living sectors in Australia, while the Australian dollar remains weaker and international student migration numbers continue to increase. Recent transactions of larger portfolios have underscored this positive sentiment with deals on capitalisation rates of about 5 to 5.5 per cent. The Urban Developer can reveal the top investors into purpose-built student accommodation in the past 12 months using data from MSCI Real Capital Analytics. Greystar and Future Fund Greystar and Future Fund, as part of a joint venture, have acquired majority shares in seven developments in the past 24 months. The portfolio is 100 Regent Street and four Y Suites and two UniLodge projects across Australia, with a combined value of $870 million. Company: Greystar Investor Type: Equity fund Country of Origin: US Est. value of Apartment Holdings (All time): $1.1 billion Company: Future Fund Investor Type: Sovereign wealth fund Country of Origin: Australia Est. value of Apartment Holdings (All time): $917 million Joint PBSA Acquisitions (Past 24 Months) Number of properties: 7 Volume ($): $870 million Y Suites on Waymouth Y Suites on A’Beckett UniLodge City Gardens UniLodge Park Central Y Suites on Gibbons 100 Regent Street Y Suites on Moore Price of portfolio: $999.7 million Date of transaction: April 2025 Blackstone In September of 2023, US company Blackstone acquired three Student One PBSA projects valued at $331 million. All three are in Brisbane’s CBD, offering access to universities, transport and other amenities. Company: Blackstone Investor Type: Equity fund Country of Origin: US Est. value of Apartment Holdings (All time): $534 million PBSA Acquisitions (Past 24 Months) Number of properties: 3 Volume ($): $331 million Student One Elizabeth Street Student One Adelaide Street Student One Wharf Street Price of portfolio: $331.5 million Date of transaction: September 2023 Centennial Property Group and Cambridge RE Partners Centennial Property Group, in a joint venture with Cambridge RE Partners, acquired Hastings Village Student Residences for $75 million in March of 2024. Company: Centennial Property Group Investor Type: Investment manager Country of Origin: Australia Est. value of Apartment Holdings (All time): $76 million Company: Cambridge RE Partners Investor Type: P ension fund Country of Origin: Singapore Est. value of Apartment Holdings (All time): $76 million Joint PBSA Acquisitions (Past 24 Months) Number of properties: 1 Volume ($): $75 million Hastings Village Student Residences Price: $75.2 million Date of transaction: March, 2024 Citiplan Property and Brookfield AM A joint venture between Citiplan Property Group and Brookfield AM secured a majority share in Campus House with the $67-million acquisition of the development in December of 2023. Situated in Melbourne, the property is managed by student accommodation operator Journal. Company: Citiplan Property Investor Type: Developer/owner Country of Origin: Australia Est. value of Apartment Holdings (All time): $148 million Company: Brookfield AM Investor Type: Investment manager Country of Origin: Canada Est. value of Apartment Holdings (All time): $148 million Joint PBSA Acquisitions (Past 24 Months) Number of properties: 1 Volume ($): $67 million Campus House Price: Undisclosed Date of transaction: August, 2023 M&amp;G Real Estate In February of this year, UK-based M&amp;G Real Estate finalised the $60-million acquisition of UniLodge Park Avenue in Parkville, Victoria. It comprises 369 student rooms. Company: M&amp;G Real Estate Investor Type: Investment manager Country of Origin: UK Est. value of Apartment Holdings (All time): $99 million PBSA Acquisitions (Past 24 Months) Number of properties: 1 Volume ($): $60 million UniLodge Park Avenue Price: $60.2 million Date of transaction: February, 2025 * This list was compiled with data sourced from MSCI Real Capital Analytics.

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