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

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