Iglu gets capital injection
Singapore based wealth fund GIC and Macquarie Capital have acquired a majority interest in student accommodation group Iglu that has a $150 million portfolio of 900 beds across three properties in Sydney and Brisbane.
The joint-venture partners expect further investment to be committed to build additional Iglu-managed properties near educational institutions.
Iglu Central in Sydney has 98 beds and opened last year. Iglu Chatswood is set to open for this academic year and will provide 395 beds. Iglu Brisbane, which is to open in 2016, has development approval for more than 400 beds.
Iglu director Jonathan Gliktsen said demand for student housing was driven by a decade of exceptional international student growth in Australia. “Australia is now the third most popular international student destination behind the United States and United Kingdom,” he said.
Image: Iglu Central, Sydney
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