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ABL acts on $459m uni housing deal

Banking & Finance, Corporate and M&A, Property & Development
Student accommodation interior
Arnold Bloch Leibler (ABL) has advised Journal Student Accommodation Fund (Journal), a trust jointly owned by South African REIT Redefine Properties and Melbourne based Citiplan Properties, on the sale of two student accommodation buildings in Melbourne for $459 million to German investment house Allianz Real Estate (Allianz).

The premium offering by Journal attracted strong interest from both passive investors and competitors in the market.

The two significant assets, recently constructed by Icon Construction, are located at Leicester Street and Swanston Street, Carlton - in the heart of Melbourne’s university precinct - and provide a total of 1,391 beds. As part of the deal, a related Journal company will continue to provide property management and operator services to Allianz across both assets.

The ABL team was led by Banking & Finance Partner Stephen Sharp and Property & Development Partner Gia Cari and included Lawyer Emily Moreton. Corporate Partner Jeremy Lanzer, assisted by Lawyer Noah Lipshut, also worked on some of the commercial aspects of the deal.

Partner Gia Cari congratulated the client on the sale: “Successfully completing this transaction in the current climate is a significant achievement and a welcome sign for the future of the student housing sector.”

Redefine CEO Andrew Konig told the Australian Financial Review that the student accommodation sector had recently attracted significant investor interest.

About Arnold Bloch Leibler

Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, family businesses, high-net-worth individuals and international corporations. The firm also has a dedicated pro bono practice providing advice on social, environmental and cultural issues to more than 150 charitable and not-for-profit organisations.

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