Scape Australia JV 2

Allianz has partnered with Scape Australia to launch an Australian dollar-denominated closed-ended fund - the Scape Australia JV 2 - targeting the purpose-built student accommodation (PBSA) market in Australia.

The transaction was conducted by the real estate investment and asset manager of the Allianz Group, Allianz Real Estate. Allianz will own 50% of the fund, and the remainder will be held by like-minded long-term institutional investors.

"This transaction is particularly exciting as it marks our first investment in student housing in the region and complements our fast-growing global allocation to this dynamic sector," said Olivier Teran, CIO Allianz Real Estate.

The fund's strategy is to build a long-term, cash flow producing portfolio by investing in a blend of develop-to-core, and stabilised, or stabilising, assets. The six target cities are Sydney, Melbourne, Brisbane, Perth, Canberra, and Adelaide.