This article is from the Australian Property Journal archive
CANADIAN giant Brookfield has acquired a 50% stake in a student accommodation operating platform, Journal Student Living.
The interest was acquired from integrated property business Citiplan, who will continue to hold on to the other 50% interest.
The acquisition builds on the joint venture Brookfield and Citiplan formed in December 2021 when the purchased a PBSA development site across from the University of Melbourne.
The joint venture has since added two further sites in Melbourne and Brisbane to the JV, with Brookfield the majority shareholder.
The three projects total 2,500 beds and have each received DA approval with works underway by Multiplex.
“Education is Australia’s fourth biggest export. We have the third-highest number of enrolled international students globally but limited high-quality purpose-built student accommodation in our capital cities relative to other education hubs. The Journal platform and brand has an excellent track record of creating and operating the best PBSA assets in Australia and we look forward to continuing to grow the business with Citiplan,” said Ruban Kaneshamoorthy, co-head of Australia Real Estate at Brookfield Asset Management.
“Student accommodation also has a role to play in helping ease Australia’s housing shortage. Providing quality accommodation for domestic and international students takes pressure off the rental market in university towns.”
Journal Student Living is now set to manage all three projects upon completion.
“Since its inception, Journal has been offering students a unique living experience shaped by creativity, design, culture and a community-focused environment,” said Ian Davidoff, CEO at Journal Student Living.
“Working with Brookfield, we are excited to continue to offer international and local students a choice to live in boutique, experience-led accommodation, which gives them the foundation they need to succeed in their goals.”