Mallesons has advised Commonwealth Bank of Australia (CBA) on the financing of Scape by The Living Company's acquisition of the Boston University Sydney Academic Centre in Chippendale, bringing a long-standing study abroad address into one of Australia's leading student accommodation brands.
The eight-storey property has been Boston University's Sydney base for its Study Abroad Program since 2011. It offers 165 beds across three and four-bedroom cluster apartments, close to Sydney's major university precincts.
CBA provided a secured facility to support the acquisition.
The acquisition comes as the Student Accommodation Council reports that Sydney, which has the largest share of the country's international students, shows signs of being persistently under-supplied.
Scape plans to give the property a full refresh, including its apartments and communal spaces, and to open the ground floor to retail tenancies. The beds will then be brought to market under the Scape brand.
The Mallesons real estate finance team was led by Partner Ken Astridge, supported by Senior Associates James Cain, Kate Dundon, and Solicitor Sam Sleigh.
Ken Astridge said:
“This transaction shows the important role lenders like CBA play in banking Australia’s student accommodation sector. Demand for quality, well-located accommodation remains strong and financing will be critical to both the growth of the sector and the renewal of existing stock. Mallesons was delighted to assist Scape and CBA on this project.”
