GIC, Macquarie buy majority stake in Australian student accommodation firm Iglu
Singapore investment firm GIC and a unit of Macquarie Group have teamed up to buy a majority stake in an Australian provider of student accommodation.
GIC and Macquarie Capital will form a joint venture to take an undisclosed stake in Iglu, which has a property portfolio worth about A$150 million (S$168.3 million).
GIC said the deal was the largest of its kind in the Australian student accommodation sector, but did not disclose the value of the transaction.
Iglu develops, operates and owns purpose built off-campus student accommodation. Its portfolio comprises more than 900 beds across three properties in Sydney and Brisbane, GIC said.