AMP Capital expands investment in University of Melbourne student accommodation 

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AMP Capital has agreed to acquire student accommodation concession for Melbourne Connect.

AMP Capital has agreed to acquire the student accommodation concession for Melbourne Connect, a new campus being built by the University of Melbourne to bring together high-calibre research, industry, government and higher-degree students in a purpose-built precinct. The acquisition has been made on behalf of investors in the AMP Capital Diversified Infrastructure Trust (ADIT).

The 42-year concession includes responsibility for facilities management of the 527 bed post-graduate student accommodation facility in Carlton, which will open in 2021. This is in addition to AMP Capital’s existing investment to operate two facilities comprising 954 beds at the University of Melbourne’s Parkville campus.

ADIT Portfolio Manager Brad Williams commented: “Adding another quality student accommodation concession to our portfolio is a great outcome for our investors. It increases our exposure to a growing sector in Australia’s education industry and supports diversification in the ADIT portfolio.

“We now manage a portfolio of more than 6,300 student beds, including the Australian National University student accommodation concession announced earlier this year, and the 650-bed Sydney University Village facility, which is an investment we’ve held for more than 15 years.

“Melbourne Connect will be a world-class innovation precinct that will connect industry, government and leading academics and researchers. This post-graduate facility will complement our existing undergraduate-focussed facilities and provide investors with a CPI-linked revenue stream that is backed by strong demand for on-campus student accommodation from interstate and international students. Student numbers at the University of Melbourne continue to grow due to its reputation as Australia’s highest-ranking university,” he said.

In addition to student accommodation, the Melbourne Connect precinct will also feature 35,000 square metres of A-Grade office space for the Melbourne School of Engineering, co-working and commercial tenants, retail shops and a shared meeting and events space.

The University of Melbourne is Australia’s number one ranked university and among the leading universities in the world in the Academic Ranking of World Universities and Times Higher Education Global Rankings.

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