Summary:
- Craig Carracher and Stephen Gaitanos co-founded Scape Australia, now the nation’s largest purpose-built student accommodation (PBSA) provider, managing around 20,000 apartments across 40 properties with a portfolio valued at $20 billion and plans to expand to 100,000 beds by 2030/32, addressing a critical housing shortage for Australia’s large international student population.
- Despite severe challenges from COVID-19 border closures and government policies that temporarily devastated the sector, Scape secured strong backing from global investors including APG, Allianz, and AXA, enabling rapid recovery and expansion through major acquisitions such as Urbanest’s 6,805 beds for $2.2 billion, tripling the company’s size by 2019.
- The Living Company, launched in 2025 to encompass student living, build-to-rent (BTR), and seniors’ housing, aims for a $100 billion portfolio with growth focused on Australia and Asia, while the broader PBSA market in Australia remains undersupplied compared to the UK and US, attracting significant offshore capital amid rising demand and urban renewal opportunities.
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