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4th Street Commons offers 562 beds and excellent amenities for students studying in Florida, Miami, the US. (Photo: Mapletree Investments)
Mapletree Investments has acquired eight purpose-built student housing assets and four multi-family assets from Kayne Anderson Real Estate Advisors (Kayne Real Estate).
Well located abutting university campuses, the eight student housing assets consist of 3,611 beds in the US and 140 beds in Canada, while the multi-family assets comprise 1,388 units in the US.
With strong occupancy of above 90 percent, the well-designed assets are positioned for further growth given that majority of them have been completed over the past three years.
Mapletree’s position within the student accommodation sector has been enhanced via a series of transactions worth around US$1.6 billion with Kayne Real Estate, which represent one of the world’s biggest transaction in student housing.
With its first US student housing portfolio acquired in November 2016, Mapletree now holds 17 assets with 12,000 beds spread across 16 cities within the US.
Including assets owned by its sponsored Mapletree Global Student Accommodation Private Trust, Mapletree’s overall student housing portfolio comprises 43 assets with 18,024 beds across 29 cities in the US, the UK and Canada.
Mapletree chief executive officer Hiew Yoon Khong revealed plans to continue growing its student accommodation portfolio globally.
“Growing university enrolment rates continue to drive demand for student housing. This sector is still under-served and we see opportunities as there is a gap between enrolment and total supply of purpose-built student housing,” he said.
“We intend to scale up in this sector globally including in Australia and continental Europe, aside from the UK and the US.”
This article was edited by Denise Djong.
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