Although COVID-19 reduced the demand from international students, the student accommodation market continues to perform well and more growth is expected in the coming years.
Significant government funding for on-campus accommodation and private and public sector partnerships for off-campus accommodation is where the market is heading.
The King & Wood Mallesons team has been involved in structuring, financing, developments, operator agreements, sales and acquisitions and disputes across this sector since it first became an asset class in Australia. We have been part of the evolution in the student accommodation market and our team is well placed to support investors and developers alike.
- IGLU: acquisition of the proposed student accommodation building including acquiring the air space from Sydney Metro, as part of the new Waterloo railway station mixed-use over-station development in Sydney, New South Wales.
- University of Melbourne: advised the developer in connection with the development of an innovation precinct for the University of Melbourne, which included accommodation for 528 students.
- Australian National University (ANU): advised on all four of its student accommodation projects in the ANU Exchange precinct (SA1 and SA2 being PPPs), including strategic advice on the proposed structuring of the transactions and the commercial considerations, drafting and negotiation the transaction documents.
- Acting for the student accommodation provider in negotiations with Royal Melbourne Institute of Technology (RMIT) in relation to the provision of rooms for RMIT students, negotiation of an operator agreement and on related operational, financing and construction components. Acted on subsequent sale of this asset to Centurion, a Singaporean specialist accommodation provider.
- Student accommodation provider: advising on the development of student accommodation facilities at Murdoch University (Western Australia), University of Western Sydney (NSW), Southern Cross University (NSW), restructure of ownership of on campus student accommodation facility at Macquarie University and disposal of off campus facility at Kelvin Grove to Iglu, as well as related financing and construction components for these projects.
- Campus Perth: assisting the development managers in the delivery of one of Perth’s first purpose built student accommodation projects delivering 726 beds.