One of the world’s top fund managers, PGIM Real Estate, has joined forces with the founders of modular hotel chain Tribe, with plans to create a portfolio of co-living facilities worth as much as $750 million.
The venture is up and running, with seed assets secured in Brisbane’s Fortitude Valley and in Sydney’s Parramatta. Each facility will comprise about 300 smaller-scale apartments, with that initial portfolio worth a ballpark $300 million. The plan is to expand into more facilities with a portfolio of between 1250 and 1500 apartments.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
