Summary:
- Mapletree Investments has acquired a development site at 609 Wellington Street in central Perth for an 835-bed student housing project, marking its first education-related living investment in Australia; the 32-storey development is due for completion in 2027 near Edith Cowan University and Curtin University Law School.
- The site was purchased from Sydney-based Alceon, which will remain as development manager; the project, valued at approximately A$300 million, will offer diverse unit types and amenities including a cafe, gym, music room, and cinema, benefiting from Perth CBD transport upgrades and the 2026 opening of Edith Cowan University’s City Campus nearby.
- Since entering student housing in 2016, Mapletree has expanded to 79 properties with 27,800 beds across the US, UK, Canada, and Germany; last year’s $1.3 billion acquisition of 31 UK and German assets positioned it as the fourth-largest student housing owner in Britain, underscoring its strategic focus on this sector.
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