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SC Capital Partners Group, a private equity real estate firm based in Singapore, has recently sealed the sale of its student accommodation asset in Sydney, Australia. According to a press release issued on March 3, the group has managed to sell the property at Anzac Parade and Lorne Avenue in Kensington at a significant premium to the price it was acquired for, resulting in a 19% premium to its current book value. The buyer of the property is none other than the University of New South Wales (UNSW) in Sydney.
The acquisition of this property dates back to 2016 when the SC Capital Partners Group had initially purchased it for an estimated amount of A$57 million. This move was heavily reported at the time. With this sale, the group has successfully raised the asset’s value and managed to attract a higher price for it.
The property, which spans across 85,035 sq ft, is a purpose-built student accommodation equipped with 233 beds and a ground-floor commercial podium. Its strategic location, being within a 600m radius from the UNSW Kensington Campus, was one of its key selling points. Furthermore, the student accommodation component is fully leased to UNSW, with a fresh 20-year master lease agreement signed in 2019. The support from a reputable institution like UNSW further adds to the attractiveness of this property.