Due for its own thread - build starts in 2 weeks
China's biggest bank backs Scape's student digs Downunder
The world's largest bank, China's ICBC, has made its biggest foray yet into Australian real estate, with a $100 million equity injection into a joint venture with fast-growing student accommodation provider Scape Living.
Through its real estate investment arm, ICBC adds its heft to an existing partnership between London-based Scape and Dutch pension giant APG, taking the venture size to $310 million.
APG has stepped up its own investment to maintain 50 per cent of the partnership, alongside ICBC and Telopea Capital's Craig Carracher and Stephen Gaitanos, who have a personal stake in the venture.
Mr Carracher and his partners have secured the Chinese connection just two weeks before they begin construction on their first Melbourne project on Swanston Street, directly opposite RMIT University.
"We didn't anticipate to be as successful as we were in securing the number of assets that we have," Mr Carracher told The Australian Financial Review.
"We've grown about a year faster in the last nine months than we had planned to.