Allens acts for GIC on student accommodation purchase

By Penny Nikoloudis
Private Capital Property & Development

Allens has acted for Singapore-based sovereign wealth fund GIC on the establishment of its joint venture with Macquarie for the purchase of an interest in specialist student accommodation developer and operator, Iglu, and in their projects at Chatswood and Central, Sydney.

Iglu owns approximately $150 million worth of student accommodation in Sydney and is currently developing accommodation in Brisbane.

The deal is believed to be the biggest single transaction in the Australian student accommodation sector.

The Allens team was led by Sydney-based Partner Nicholas Cowie.

Mr Cowie said the deal was a significant one and underscores the increasing interest and opportunity in the student accommodation market and its growth as an alternative investment class.

'The off-campus student accommodation sector is experiencing strong demand and there is great potential for growth in well-adapted, specialised student accommodation assets which are well located and managed by experienced operators like Iglu,' Mr Cowie said.

He said the firm was proud to have worked with GIC on another important transaction.

Allens legal team

Nicholas Cowie (Partner – Sydney); Penny Nikoloudis (Partner – Sydney); Sonya Shariff (Senior Associate – Sydney); Elizabeth Lee ( Senior Associate – Sydney)


Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.