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Mapletree Investments buys more student housing assets in US, Canada
MAPLETREE Investments has bought a portfolio of student housing and multi-family properties in the United States and Canada from Kayne Anderson Real Estate Advisors.
The size of the latest transaction was not disclosed, but Mapletree has so far spent US$1.6 billion to acquire from Kayne 22 assets comprising 12,000 student housing beds and 1,388 multi-family units, including the latest deal.
With the latest purchase, Mapletree now has 43 student housing assets in North America and the United Kingdom with 18,024 beds. That includes assets held under its sponsored Mapletree Global Student Accommodation Private Trust.
Mapletree chief executive Hiew Yoon Khong said that the property developer and investor intends to keep growing its student housing portfolio globally.
"Growing university enrolment rates continue to drive demand for student housing," he said. "This sector is still under-served, and we see opportunities as there is a gap between enrolment and total supply of purpose-built student housing. We intend to scale up in this sector globally including in Australia and continental Europe, aside from the UK and the US."