(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.