M3 to sell Urbanest

M3 CAPITAL Partners is selling Australian student accommodation platform Urbanest on behalf of its Evergreen Real Estate Partners Investment Platform, following a strategic review of the business.

Urbanest Australia, one of the largest student housing providers in Australia, has about 15 assets and about 7500 beds predominantly in Sydney and Melbourne.

It expects to report net operating income of about $100 million in 2020. By 2024, it expects net operating income to be $125 million, supported by the launch of its 15th asset in Melbourne two years from now, Urbanest said in a statement.

The deal will be advised by Savills Capital Advisors.