The University of Adelaide will take a giant leap into student accommodation with a $100 million-plus partnership with student accommodation specialist Urbanest, according to The Australian.
The partnership will reportedly help the University of Adelaide deliver an additional 689 student beds to the city’s market, a project intended to capitalise on the city’s growing population of international and domestic students.
Urbanest South BankUrbanest CEO Bub Nickel told The Australian the organisation is excited about the opportunity to expand on its partnership with the University of Adelaide.
“The university is very focused on bringing the best the world has to offer to students in Adelaide and we feel fortunate to be a part of their plans.
“Our goal is to use this unique opportunity to ensure our newest community raises the bar for student accommodation in Australia,” he said to The Australian.
The project’s roll-out is being funded by US heavyweight investor the Washington State Investment Board, but Urbanest does not operate exclusively in Adelaide.
Urbanest South BankTotalling about 4,100 beds, its business spreads to Brisbane, Melbourne and Sydney.
Australia’s student accommodation sector is primed to take off as major global investors have been drawn into the action. In February, Urbanest’s former owner, GSA Group Asia Pacific, said it intended to re-enter the market — with plans to manage 25,000 beds within 10 years — after it sold out of the business just last year.
The University of Adelaide’s deputy vice-chancellor Pascale Quester told The Australian the partnership with Urbanest will provide excellent student accommodation at a critical and convenient location.