SC Capital Partners Group, a Singapore-based private equity real estate firm, has recently announced the successful sale of its student accommodation property in Sydney, Australia. Located on Anzac Parade and Lorne Avenue in Kensington, the property was sold at a “significant premium” to the price at which it was acquired and a 19% premium to its current book value. The buyer of the property is the University of New South Wales (UNSW) in Sydney.
The sale of this property marks a profitable exit for SC Capital Partners, who had acquired the asset in 2016 for A$57 million. This sale has also highlighted the strong demand for student accommodation assets in the Sydney property market.
The purpose-built student accommodation spans 85,035 square feet and features 233 beds and a ground-floor commercial podium. It is strategically located within 600 meters of the UNSW Kensington campus, making it a highly desirable property for students. The student accommodation component is fully leased to UNSW and a new 20-year master lease was signed in 2019, adding to its attractiveness as an investment opportunity.
The sale of this property is a testament to SC Capital Partners’ expertise in the real estate sector and their ability to identify and capitalize on profitable investment opportunities. With this successful transaction, SC Capital Partners has once again demonstrated their strong track record in the global real estate market.