Mapletree Investments has recently acquired a 1,398-square-meter site along Wellington Street in Perth, which will be developed into a 835-bed student housing asset. This acquisition aligns with Mapletree’s strategic focus on student housing as a core sector.
The value of the acquisition was not disclosed in Mapletree’s statement. However, according to the Australian Financial Review, the development is estimated to be worth around A$300 million upon completion.
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Matt Walker, CEO of Student Housing at Mapletree, stated that Australia is a key area of growth for the company. “We’ve got significant global growth targets and Australia plays a major role in this,” he said in an interview with the AFR.
Since entering the student housing market in 2016, Mapletree has expanded its portfolio to 79 properties with over 27,800 beds in the US, UK, Canada, and Germany. The company acquired the site from Alceon, an investment manager, and Alceon will continue to be involved as the project’s development manager.
The well-located site is near several prestigious universities including Edith Cowan University, Curtin University Law School, University of Western Australia, and ECU City Campus, which is set to open in 2026. Construction will take place from August this year to December 2027, with the 32-story development expected to be operational by February 2028.
“Australia’s student housing sector has attracted robust investor interest due to its large student population, limited supply, and counter-cyclical features,” Walker commented. He also noted that despite being home to renowned institutions, Perth remains one of Australia’s most undersupplied CBDs for student accommodations.
“We are excited about this opportunity for growth and look forward to delivering a top-tier asset that will greatly appeal to both students and investors,” Walker added.
This is Mapletree’s first foray into Australia’s student housing market, signaling the company’s confidence in the sector’s potential.