InfraRed Capital Partners has sold a 100% equity interest in the Curtin University Student Accommodation Project to IFM Investors, realizing substantial value from the development.

Information on the Target

InfraRed Capital Partners (“InfraRed”), a prominent international infrastructure asset manager, has successfully completed the sale of a 100% equity interest in the Curtin University Student Accommodation Project, also known as Greater Curtin Stage One. This mixed-use development is located within the Curtin Campus in Perth, Western Australia, and encompasses student and private accommodation, a hotel, commercial space, and retail facilities, thereby creating a vibrant community hub for students and residents alike.

In 2019, InfraRed entered into a long-term, 35-year concession agreement with Curtin University, a public institution partially funded by the Australian government. This agreement entrusted InfraRed with the design, financing, construction, and operation of the entire development. In addition to managing approximately 1,150 existing student beds through UniLodge Australia, InfraRed was responsible for constructing an additional 924 purpose-built student beds, which are also managed by UniLodge Australia and St. Catherine’s College. The development also features a 60-room boutique hotel operated by Nesuto, 38 premium apartments, 3,000 m² of commercial space, and 12 retail outlets, with a total capital value of approximately US$209 million, opening its doors in January 2022.

Industry Overview in Western Australia

The student accommodation sector in Western Australia has experienced significant growth in recent years, fueled by increased enrollment in local universities and a rising population of international students. Wes