Coral Student Portfolio has taken a further step in its expansion into the global student housing market with investments into new developments in both Melbourne (shown above) and Dublin.
In Australia, the Fund has invested in a prime 350-bed student accommodation development in Carlton, Melbourne. The completed property, located directly opposite Melbourne University, will comprise a diverse range of accommodation offerings and is scheduled to come on stream for the 2018 academic year.
Melbourne was ranked number 2 in the world according to the ‘2016 QS Best Student World Cities’. Inner City Melbourne has over 100,000 students and only 9,500 purpose built beds, resulting in a significant undersupply of high quality student accommodation. Domestic student numbers are growing at 3.3% annually, whilst Melbourne is also seeing a similarly strong growth rate in numbers of international students who comprise 37% of the total inner city student population.
John Kennedy, CEO of Coral said: “Australia is attracting considerable institutional interest in this sector, most recently with Goldman Sachs’s $1 billion joint venture with Blue Sky Real Estate. Coral, working with its strategic partner GSA, is already well advanced in taking advantage of Australian opportunities that are increasingly in demand.”