Cedar Pacific Completes Premium Student Accommodation Towers in Melbourne through JV Investment with CBRE Investment Management
March 5, 2023
The Cedar Pacific Accommodation Trust has completed two highly sustainable, premium student accommodation towers in the heart of the Melbourne CBD. CBRE Investment Management’s Indirect Private Real Estate Strategies team invested in both developments as part of a joint venture with Cedar Pacific that now has three PBSA assets in operation and two in development.
UniLodge Melbourne Central is a 46-floor, 714-bed purpose-built student accommodation building located in the center of Melbourne at 293 - 303 Latrobe Street, a short walk to RMIT University. UniLodge Melbourne CBD houses 652 self-contained studio and multi-share apartments over 37 floors within easy walking distance to RMIT and Victoria University City Campus.
The convenient urban locations of both properties combined with innovative amenities provide students the opportunity to enhance their educational experience whilst being part of a vibrant community. Bespoke cinemas, state-of-the-art gyms, social areas, studies and sky lounges work together to create a unique, enviable lifestyle for tertiary students.
The UniLodge Melbourne CBD project on Wills Street presented a unique opportunity to restore the historical features of the original Victorian Printing Works building by retaining the heritage façade, which features prominently in the common areas.
Both towers have been designed and constructed to achieve 5 Star Green Star (Design and As-Built) ratings and will pursue Climate Active certification to reflect carbon neutrality targets from the first day of operations.
As international students continue to return, UniLodge Melbourne Central and UniLodge Melbourne CBD are primed to capture this returning market for Semester 1. UniLodge, Australia’s largest manager of student accommodation, will manage both properties.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $149.3 billion in assets under management* as of December 31, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
About Cedar Pacific
Cedar Pacific, a leading investment manager in the living sector, is an experienced developer and investment manager of purpose-built student accommodation assets with 10,200 beds in its portfolio across Australia and New Zealand, 1,400 of which are in the development phase. Building on its PBSA experience, Cedar Pacific has begun expanding its offering into the BTR sector.