ASX-listed GPT Group will take over management of a $1 billion portfolio of student accommodation facilities in Australia and New Zealand, pushing into a fresh asset class through its relationship with the real estate’s owner, Canada’s QuadReal.

The mandate was previously managed by Cedar Pacific, which had a minority ownership stake in the 5000-bed portfolio. Giant investment platform QuadReal has bought out Cedar Pacific’s 10 per cent position and now wholly owns the nine-asset portfolio.