Chinese bank ICBC has set its sights on the $20 billion student accommodation sector, with the announcement that it has invested $100 million into a new venture with student accommodation provider Scape Living, according to the Australian Financial Review.
ICBC's injection of funds will boost an existing partnership between Scape Living and Dutch pension group APG to $310 million overall.
The venture will start construction on its first project in Swanston Street, Melbourne this month - a 1,500-bed student complex opposite RMIT University. The $400 million development will include student accommodation, gaming and lecture rooms, gym, restaurants and bars.
It also has plans to create five student accommodation facilities with up to 3,000 beds, with four sites in Melbourne and one in Brisbane.