Plenary completes sale of Iglu student accommodation business
Published 30 January 2014SYDNEY, NEW SOUTH WALES – Plenary Group today announced that it has concluded the sale of its majority interests in the Iglu student accommodation business to a consortium consisting of the Government Investment Corporation of Singapore (GIC) and Macquarie Capital.
The sale is the largest of its kind in the student accommodation sector in Australia, involving a property portfolio with a capital value of approximately $A150 million.
The portfolio consists of 913 beds across three properties in Sydney and Brisbane and includes the Iglu development and management platform.
Plenary Group Director, Ray Wilson, said that, “The sale of Iglu demonstrates Plenary’s ability to develop high quality, institutional grade property assets and then to nurture the asset development and management platforms required to enable their growth.
Mr Wilson said that the investment by GIC and Macquarie Capital will provide Iglu with access to institutional equity to allow it to progress to the next phase in its evolution and allow it to scale up its student accommodation investment portfolio.
Iglu was established as a start-up business in late 2010 by Plenary Group in conjunction with Iglu’s joint Managing Directors, Jonathan Gliksten and Richard Smith, who will continue their roles with Iglu.
Plenary Group will continue its involvement with Iglu, providing office accommodation and business support services to Iglu for a minimum period of twelve months post the sale.
Chris WhitefieldExecutive Director, Communications
+61 3 8888 7754
+61 418 530 806
chris.whitefield@plenary.com