Scape Successfully Acquires Australian PBSA Urbanset

Scape, a global operator that started in the UK, successfully managed to close a deal with Urbanest student accommodation, a strong asset in the Australian market. The deal, which is due to settle next year, follows the acquisition of nine Atira Student Living accommodations in September 2019 and more than 3510 new beds. Urbanest’s 14 strong operational PBSA’s will join Scape through this deal with more than 6,805 beds available. The company, which owns assets that are worth more than 2 billion dollars in the Australian market, is the first company in the PBSA field in Australia. The first of its buildings opened in Brisbane in 2010, and the final recently opened on Swanston Street in Melbourne in 2019.

Commenting on the deal Scape chairman Craig Carracher said that it is an exciting time for student accommodation in Australia. 

“We are confident that the combination of our businesses and our people will offer the Australian education market the scale required to satisfy the growing demand from our students, universities and the broader education sector to support Australia’s leading position in the global education market.” He stated.

The CEO of the company, Tom Ward, also expressed his excitement towards the results of this deal. 

“We look forward to working with the Urbanest team to grow the opportunity at this exciting time for student accommodation globally.” He said.

Approximately 430,000 international students choose Australia yearly to further their studies making the country the third most desirable destination worldwide for students. This deal will secure scapes’ place as the largest PBSA operator in Australia with a massive portfolio of more than 2500 student rooms open and close to 8000 in development. The company‘s assets will reach more than 23 PBSA in the country, located in Sydney, Melbourne, Adelaide, Perth, and Brisbane.