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 sold the property, which is situated on Anzac Parade and Lorne Avenue in Kensington, for a significant premium to its initial purchase price and a 19% premium to its current book value. The buyer of the property is none other than the University of New South Wales (UNSW) in Sydney.
SC Capital Partners Group had acquired the property in 2016, reportedly paying A$57 million for the asset. With this sale, its current book value has increased significantly. Spanning over 85,035 square feet, the purpose-built student accommodation features 233 beds and a ground-floor commercial podium. It is strategically located within 600 meters of the UNSW Kensington Campus, making it an ideal choice for students. The student accommodation component is fully leased to UNSW, with a new 20-year master lease signed in 2019.