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Allianz moves in on student accommodation portfolio
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Allianz moves in on student accommodation portfolio

Joint venture, growth, investment

A joint venture fund will allow Allianz Real Estate to invest in a portfolio of student accommodation facilities throughout Australia.

Firms: DLA Piper (Allianz Real Estate); Herbert Smith Freehills (Scape Australia Joint Venture 2 Fund)

Deal: Allianz Real Estate, acting on behalf of a number of Allianz companies, plans to invest a combined 50 per cent stake of the Scape Australia Joint Venture 2 Fund.

Value: Up to $500 million

Area: Real estate, corporate, tax

Key players: DLA Piper advised Allianz Real estate on the real estate, corporate and tax components of the deal.

The DLA Piper legal team included real estate partners Arthur Chong (pictured), Les Koltai, and Astrid Beemster with assistance from Susheela Rivers in Hong Kong.

Also involved were corporate partner Gerry Bean, special counsel Kurt Tiam, foreign legal associate Bradley Heath and tax partner Eddie Ahn.

Deal significance: A statement from DLA Piper said that the new Scape Australia Joint Venture 2 Fund would invest up to AU $500 million for student accommodation facilities in Sydney and Melbourne.

The fund will also consider investing in similar facilities in Brisbane, Perth, Canberra and Adelaide.

Allianz Real Estate has plans to invest a combined 50 per cent stake in the total joint venture value of the fund, its legal advisers added.

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