Firms: Allens (GIC); King & Wood Mallesons (Macquarie Capital)
Deal: GIC and Macquarie Capital take a majority interest interest in Iglu, a specialist student accommodation developer
Area: Capital markets and real estate
Key Players: Sydney partners Nicholas Cowie and Penny Nikoloudis led the Allens team, with KWM acting for Macquarie Capital
Deal Significance: Iglu has a property portfolio of around $150 million, with nearly 1000 beds in Sydney and Brisbane. The joint venture between Macquarie Capital and the Government Investment Corporation of Singapore (GIC) purchased its majority interest from the Plenary Group. “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,” said Cowie.
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