Macquarie Capital buys Iglu stake

Monday 28 April 2014

Macquarie Capital and Singapore ­sovereign wealth fund GIC have taken a majority stake in student ­accommodation group Iglu as prospects for the sector in Australia surge. Iglu, founded in 2010, is a specialist developer, operator and owner of purpose-built off-campus student accommodation, with a $150 million portfolio comprised of 900 beds in three properties in Sydney and Brisbane. Backed with its new institutional partners, Iglu now hopes to expand its portfolio considerably to meet a “high level of unsatisfied demand”, said Iglu director Jonathan Gliksten. “The market could sustain quite considerable growth. The constraints are always about finding good-quality sites,” he said yesterday. “We would be aspiring ourselves to rise to a program of 3000 beds over five years.”

Source: Australian Financial Review

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