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Student housing JV launched

Student housing JV launched

Emin Altiparmak

Two firms advised on a joint venture between an investment bank and a real estate entity to pursue investments in student accommodation.

Firms: Allens (Goldman Sachs Asia Special Situations Group); Norton Rose Fulbright (Blue Sky Private Real Estate)

Deal: Goldman Sachs Asia Special Situations Group entered a joint venture with Blue Sky Private Real Estate to establish a student accommodation platform.

Value: Undisclosed

Area: Real estate

Key players: The Allens team was headed up by Emin Altiparmak and Mark Malinas.

The Norton Rose Fulbright team was led by partner Michael French, with assistance from partners Marshall Bromwich and Joshua Paffey.

Deal significance: Under the joint venture, the Goldman Sachs group and Blue Sky will pursue investment opportunities to develop student accommodation projects across Australia and New Zealand.

The JV required Goldman Sachs to contribute sufficient equity to buy a 50 per cent interest in three existing development sites owned by Blue Sky or funds that it managed.

Each entity will own 50 per cent of any future projects developed under the JV.

The JV portfolio will aim to have between 5,000 and 10,000 beds, according to a statement from Allens.

Mr Altiparmak said the deal pointed to the potential for asset-backed investment strategies within the Australian student accommodation sector, both as a real estate asset and a managed investment vehicle.

“There is a real sense of opportunity in the student accommodation market,” he said.

This view was echosed by Mr Malinas, who is the co-head of Allens private equity practice.

“Our private equity cilents are actively focused on the education sector,” he said. “It’s really one to watch.”

Allens partners Emin Altiparmak and Mark Malinas

 

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