AMP Capital has today confirmed the successful acquisition of a newly developed 731-bed student accommodation facility from the Australian National University (ANU) bringing the total portfolio of on-campus beds at the institution to 4,915.
The $112 million acquisition was completed with a simultaneous debt refinancing of the existing portfolio via new debt facilities worth about $575 million with a range of Australian and international banks.
AMP Capital is Australia’s largest investor in on-campus student accommodation, with 2,131 beds at the University of Melbourne and University of Sydney.
The ANU acquisition is structured as a 35-year concession over the student accommodation facility in Acton, adjacent to the Canberra CBD. The acquisition was funded by investments from the AMP Capital Diversified Infrastructure Trust (ADIT) and the AMP Capital Core Infrastructure Fund (CIF).
ADIT Managing Director Brad Williams said, “Australian universities are among the best in the world so it’s not surprising to see significant demand for both world leading education and vibrant on-campus life experiences in the context of the difficult lockdown conditions we have all recently faced.”
“We are proud to have continued our long-term partnership with the ANU. This new bed expansion provides high quality on-campus facilities that will support the ANU’s continued growth as Australia’s leading university.”
The ANU is Australia’s number one ranked university and 30th globally in the QS World Rankings for 2023. According to data from the Department of Home Affairs, monthly offshore student visa applications are exceeding the record levels set between 2017 and 2019, in advance of the 2023 academic year.
The new accommodation village has been designed to retain its natural bushland setting along Sullivans Creek. The facility has smart metering and building management systems, and cross flow ventilation to minimise energy use.
AMP Capital’s Debt Advisory Team acted as financial advisor. MinterEllison acted as legal counsel to AMP Capital, King & Wood Mallesons acted for the financiers.
ADIT received a 5-Star rating in the 2022 GRESB annual infrastructure assessment benchmarking survey for ESG management and performance.
AMP Limited has entered into a sale agreement with Dexus for AMP Capital’s domestic infrastructure equity and real estate businesses.
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AMP Capital's infrastructure business is a leading global infrastructure equity manager with a portfolio of 45 assets located around the world across transport and logistics, energy and utilities, healthcare and social infrastructure, digital and PPP sectors.