Mapletree Investments Marks Foray Australia Student Housing Market Acquisition Perth Site
Mapletree Investments purchases Fremantle Woolstores for $231.5 mil
Mapletree Investments has announced its acquisition of a 1,398-sqm site on Wellington Street in Perth for the purpose of developing it into a 835-bed student housing asset. This move is a part of the company’s strategic focus on the student housing sector as a core sector.
The value of the acquisition was not disclosed in the company’s release. However, according to the Australian Financial Review, the development is expected to be worth around A$300 million upon completion.
“This marks our first entry into Australia’s student housing sector,” says Matt Walker, CEO of Student Housing, Mapletree. “We have significant global growth targets that include Australia as a key area, and this acquisition aligns with our strategy.”
Since its entry into the student housing market in 2016, Mapletree’s portfolio has grown to 79 properties with over 27,800 beds across the US, UK, Canada and Germany.
The site was purchased from Alceon, an investment manager. Alceon will remain involved in the project as its development manager.
According to Mapletree, the site is located near prestigious universities such as Edith Cowan University, Curtin University Law School, University of Western Australia, and ECU City Campus, which is a developing project slated to open in 2026.
Construction on the 32-storey high development is set to commence in August this year and is expected to be completed by December 2027, with operations commencing in February 2028.
“Australia’s student housing sector has attracted strong investor interest due to its large student population, limited supply, and counter-cyclical features,” says Walker.
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He adds, “Despite being home to many prestigious institutions, Perth remains one of Australia’s most undersupplied CBDs for student accommodation. We are excited about this opportunity to scale up our portfolio and look forward to delivering a top-tier asset that will appeal to both students and investors.”