M3 retains global rights to the Urbanest brand
(PRESS RELEASE) LONDON, 7-May-2020 — /EuropaWire/ — Global real estate services firm Savills plc has just announced it has advised M3 Capital Partners’ principal investment vehicle Evergreen on its deal for the sale of its 7,402 bed Urbanest Australia Purpose Built Student Accommodation (PBSA) platform.
Evergreen, M3 Capital Partners’ (“M3”) principal investment vehicle, has sold its 7,402 bed Urbanest Australia Purpose Built Student Accommodation (PBSA) platform. The sale, in excess of A$2.1 billion, is the largest ever student accommodation transaction in Australia and reflects a new low in terms of Net Initial Yields for the sector.
The disposal includes 15 PBSA assets in Sydney, Melbourne, Adelaide and Brisbane, as well as market leading operational platform, Urbanest Australia.
The platform, along with 14 operational assets, comprising 6,875 beds, were purchased by a syndicate of global institutional investors managed by Scape. An additional 527 beds, currently under construction, have been purchased by the University of Melbourne. Savills advised the vendor on both transactions.
Urbanest Australia was founded by M3’s Evergreen business in 2008. Since then it has grown into the highest quality portfolio and management company in Australia. M3 continues to own Urbanest in London and all of the global rights to the brand. In Australia, the brand is licensed to Scape.
Joe Guilfoyle, Head of Corporate Finance, Savills Capital, says: “We are delighted to execute another landmark M&A deal in the student accommodation sector on behalf of M3 Evergreen. This transaction demonstrates the continued global interest of this asset class to institutional investors, especially when accompanied with a leading operational platform.”
Joe Guilfoyle, Savills Head of Corporate Finance, M: +44 (0)779 090 9175
Ralph Watson, Savills Director Operational Capital Markets, M: +44 (0)787 083 8917
Conal Newland, Savills Australia Head of Student Accommodation, M: +61 (0)422 406 611
Simon Hope, Savills Head of Global Capital Markets, M: +44 (0)774 040 4003
Kai Stoermer, Savills PR, M: +44 (0)798 941 4117