Country for PR: China
Contributor: PR Newswire Asia (China)
Monday, October 04 2021 - 19:44
Scape to Acquire Student Digs from UTS
SYDNEY, Oct. 4, 2021 /PRNewswire-AsiaNet/ --

Leading purpose-built student accommodation provider Scape Australia is set to 
acquire three of the four housing residences owned by the University of 
Technology Sydney (UTS) in Sydney, on behalf of Scape's Student Accommodation 
Core Program with support from its capital partners including Allianz Real 
Estate, AXA Investment Managers – Real Assets, APG Asset Management, an Asian 
pension fund, Bouwinvest and Scape's founders. 

The properties, known as Geegal, Bulga Ngurra and Gumal Ngurang, are located 
off-campus in Ultimo and Darlington. They are being sold for an undisclosed 

Scape Australia Managing Director and Group CEO, Stephen Gaitanos said:

"We are thrilled to be able to acquire these assets from UTS at this time. 
Consistent with the Scape portfolio strategy, the location of the assets is 
prime and we look forward to collaborating more closely with UTS as we begin to 
welcome students back to Sydney safely.

The UTS portfolio complements our existing Sydney portfolio and will sit 
alongside our 15 assets, bringing our total Sydney portfolio to 6,300 bedrooms, 
which remains our largest exposure nationally. The portfolio provides 
diversification of product and further allows Scape to deliver a wide range of 
offerings to university students in Sydney. Residents will gain access and 
opportunities that come with being connected to Scape's wider ecosystem." 

Under the terms of the deal, current UTS residents are guaranteed to be able to 
stay in the three residences for the remaining duration of their accommodation 

UTS students will also have priority rights and other concessions in those 
residences as well as in other Scape locations, UTS Vice-Chancellor Professor 
Attila Brungs said. 

"We feel our students will be well looked after, with Scape having very 
generously also offered ten annual scholarships for UTS students over the next 
four years which will provide for a 50% discount in accommodation fees at Scape 

"It will also help the university deal with the financial challenges brought 
about by the global pandemic in a way that doesn't impact upon our core 
business of teaching and research," he said.

"We look forward to collaborating with Scape, and continuing to provide our 
students with access to convenient high quality accommodation."

The sale is subject to government approval and is expected to be completed by 
the end of the year.

UTS remains the owner and manager of Yura Mudang, a modern on-campus complex of 
individual studios and shared apartments accommodating over 700 students, which 
has the capacity to meet the current demand for housing from its students.

About Scape

Established in 2013, Scape Australia is a fully integrated developer, owner and 
manager of premium Purpose-Built Student Accommodation (PBSA) and urban living 
solutions. Scape is the largest owner-operator in Australia with over 16,000 
bedrooms across 33 buildings in Adelaide, Brisbane, Sydney and Melbourne 
operating under the brands Scape, Atira and Urbanest. Scape has a further 
10,000 bedrooms in the development pipeline nationally.

Over the past five years, Scape has invested over A$5.5bn in the Australian 
education and rental housing market and has acquired multiple brands and 
diversified into numerous lifestyle solutions; extending from affordable living 
to urban city living.  

Having changed the shape of how students and non-students live, work and play, 
Scape has proven its leading stance in providing world-class accommodation 
matched with unparalleled service standards. 

About UTS

The University of Technology Sydney (UTS), located in central Sydney, is one of 
Australia's leading universities of technology. It is known for fusing 
innovation, creativity and technology in its teaching and research and for 
being an industry-focused university. With a total enrolment of over 40,000 
students, UTS is one of the largest universities in Australia. It is rated No.1 
'young' university in Australia in both the QS and Times Higher Education 

Source: Scape Group Australia