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.
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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
