Wiesbaden, 3 September 2019 – Aareal Bank AG provides a three-year financing facility of approximately AUD 55 million for a student housing property in Melbourne. Infinity Place is a 335-bed purpose-built student accommodation asset located on Elizabeth Street in close proximity to the University of Melbourne. The property welcomed its first intake of students on 23 April.
Infinity Place was constructed by a joint venture between Heitman, a global real estate investment management firm, and Global Student Accommodation (GSA), which will also manage Infinity Place. The development enjoys outstanding social spaces, including a Skyline Terrace, study rooms and a gym aligning with the needs of the modern student.
Aareal Bank is pleased to strengthen the existing business relationship with Heitman and GSA and is looking forward to further expanding into this asset class. “Financing Student Housing has become a focus for Aareal Bank. We intend to further expand our global market share in this segment”, says Christof Winkelmann, member of the Management Board of Aareal Bank.
"We are delighted about the confidence that both Heitman and Global Student Accommodation has shown by expanding their portfolio with us in the region. The transaction underlines our expertise in student housing. Through our Singapore-Hub we are well-positioned in the Asia Pacific region to offer this expertise to our expanding network of clients and partners“, adds Thomas Adaemmer, Managing Director at Aareal Bank Asia Limited.
Tim Klitscher, Regional Managing Director at GSA, said: “Ever since GSA entered the Australian market we’ve seen significant interest in our properties. Infinity Place has continued this trend following its completion in April 2019, when it immediately secured high levels of occupancy. This demonstrates the huge demand for high-quality PBSA in the region, which we’re delighted to be supplying in collaboration with Aareal Bank.”
Aareal Bank Group
Aareal Bank Group, headquartered in Wiesbaden, is a leading international property specialist. It provides smart financings, software products, and digital solutions for the property sector and related industries, and is present across three continents: Europe, North America and Asia/Pacific. Aareal Bank AG, whose shares are included in Deutsche Börse's MDAX index, is the Group's parent entity. It manages the various entities organised in the Group’s two business segments: Structured Property Financing and Consulting/Services. The Structured Property Financing segment encompasses all of Aareal Bank Group's property financing and funding activities. In this segment, the Bank facilitates property investment projects for its domestic and international clients, within the framework of a three-continent strategy covering Europe, North America and Asia. In its Consulting/Services segment Aareal Bank Group offers its European clients from the property and energy sectors a unique combination of specialised banking services as well as innovative digital products and services, designed to help clients optimise and enhance the efficiency of their business processes.