Washington State Investment Board Seeks to Sell Urbanest
Posted on 05/02/2019
The Washington State Investment Board (WSIB) is looking to sell its Australian student housing business Urbanest Pty Ltd. Urbanest is worth about A$ 1 billion. Urbanest hired Savills to manage the sale.
WSIB has invested in Urbanest for over 11 years and has built the business to scale.
Potential buyers for the asset include Brookfield Asset Management, GIC Private Limited, Greystar Real Estate Partners, Abu Dhabi Investment Authority, Bouwinvest, APG Asset Management, and Allianz SE.
| Student Accommodation Operatiors in Australia | Financial Investors | Total Beds |
|---|---|---|
| Unilodge (including beds of Wee Hur and Cedar Pacific) | Wee Hur, Cedar Pacific | 7,761 |
| Urbanest Pty Ltd | Washington State Investment Board | 7,408 |
| Scape Living Student Accommodation | APG Asset Management, Bouwinvest, ICBCI, Allianz SE | 5,501 |
| Iglu Pty Limited | GIC Private Limited | 4,786 |
| Atira Pty Ltd | Goldman Sachs, Blue Sky Group | 3,389 |
| The Student Housing Copany | GSA and other investors | 3,332 |
| Student One | Valparaiso Capital | 2,340 |