GIC, Macquarie buy majority stake in Australian student accommodation firm Iglu-Reuters

(Reuters) – Singapore sovereign wealth fund GIC Pte Ltd and Macquarie Capital have formed a joint venture which has bought a majority stake in Iglu, an Australian student accommodation provider with a property portfolio worth about $132 million.

The deal is the largest of its kind in the Australian student accommodation sector, GIC said in a statement, without disclosing the investment value. Macquarie Capital is a unit of Macquarie Group Ltd.

Iglu – a specialist developer, operator and owner of purpose built off-campus student accommodation – has a real estate portfolio of approximately A$150 million ($132 million), comprising over 900 beds across three properties in Sydney and Brisbane.

GIC and Macquarie Capital said further funding will be committed to build additional Iglu-managed properties that are close to educational institutions and public transport.

GIC, the bigger of Singapore’s two state funds, has been a far more active investor than Temasek Holdings Pvt Ltd in recent months.

Earlier this month GIC partnered a group of investors to buy $1.3 billion worth of Manhattan office space from Time Warner Inc, its second major real estate deal in the developed world less than a month.

Do you want exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more? Get your FREE trial to Buyouts! Or subscribe now!

Sign up to our Newsletter

Receive updates from our PE HUB Wire and Top Stories of the Week newsletters:

We will not send you spam, and we don't share your email address with 3rd parties.