AMP Capital has acquired Melbourne Connect student accommodation concession at the University of Melbourne from operator Urbanest, which was appointed first to operate the dorms.
As a result of the acquisition, AMP Capital has taken the place of a Lendlease-led consortium.
The concession, expected to open in 2021, is for a period of 42 years and requires facility management of the 527 bed Carlton postgraduate housing.
ADIT portfolio manager Brad Williams said: “This post-graduate facility will complement our existing undergraduate-focussed facilities and provide investors with a CPI-linked revenue stream that is backed by strong demand for on-campus student accommodation from interstate and international students.”