Scape Australia closes third PBSA Development JV at AUD1.0bn alongside APG and Ivanhoé Cambridge

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Scape Australia has formed a partnership with Dutch pension investor APG Asset Management N.V. (‘APG’) and Ivanhoé Cambridge, a global real estate investor, to develop Purpose-Built-Student Accommodation (‘PBSA’) assets in Australia’s thriving student housing sector.The new joint venture, which is subject to regulatory approval, is the third in a series of development JV vehicles (previous JV ventures were established in 2015 and 2018). It will continue Scape’s strategic focus on urban locations close to Australia’s world class Universities, whilst incorporating the next level of design from Scape’s in-house development, design and operational teams. The venture will leverage the significant operational scale (17,200 operational apartments) and an internal team that already manages Australia’s largest privately owned residential-for-rent portfolio.For more details, read the complete news release on Ivanhoé Cambridge's website.