The deal has been described as the biggest single property transaction of 2019
Two legal giants have confirmed their roles a major property transaction in the student accommodation sector.
Herbert Smith Freehills (HSF) advised Scape Australia on the acquisition of a portfolio of dorms run by Urbanest. The $2bn acquisition is being completed via the Scape Core Fund (SCF), a joint venture formed with AXA Investment Managers, Allianz Real Estate, and APG Management. Scape is acting as investment manager for the SCF.
HWL Ebsworth advised AXA IM on the proposed acquisition. The top firm said that the joint-venture partners will infuse about $1.5bn in equity into the SCF by the time the acquisition is completed, which is expected to be in early 2020.
Both HSF and HWL Ebsworth said that the acquisition is the biggest single property transaction of 2019. The portfolio has a total of 6,805 beds across 14 dorms in Adelaide, Brisbane, Melbourne, and Sydney.
“This is an exciting time for the sector, with significant growth across the country in recent years, and we’ve no doubt Scape will continue to go from strength to strength,” said partner David Sinn.
David Sinn
Sinn, the head of real estate in Australia and Asia at HSF, was among the leaders of the HSF team. The team also included experts from the firm’s finance and corporate teams in Melbourne and Sydney, HSF said. The firm also recently advised Scape on its $680m acquisition of the Atira portfolio of facilities that included six dorms in Adelaide, Brisbane, and Melbourne.
The HWL Ebsworth corporate and commercial team was led by partner James Lonie and special counsel Natalya Hards, who were supported by associate Wai Lam Au. The firm’s corporate and commercial team was also assisted by the firm’s tax team, which was headed by partner Nima Sedaghat and senior associate Alina Sedmak.
