Media Resouces
Mapletree Investments Acquires Another Portfolio of 3,751 Student Housing Beds from Kayne Real Estate
02 Jun 2017
  • Transaction brings Mapletree’s overall student housing portfolio to more than 18,000 beds in the US, UK and Canada
  • Latest in a series of transactions with aggregate value of approximately US$1.6 billion, representing one of the largest student housing transactions globally

SINGAPORE and BOCA RATON, FL Mapletree Investments Pte Ltd (“Mapletree” or “the Group”), a leading real estate development, investment and capital management company, announced that it has acquired another portfolio of assets from Kayne Anderson Real Estate Advisors (“Kayne Real Estate”). The acquisition comprises eight purpose-built student housing assets with 3,611 beds in the United States (US) and 140 beds in Canada, and four multi-family assets with 1,388 units in the US.

The eight student housing assets are well located abutting university campuses, on average 0.2 miles (320 metres) to their respective universities, the majority of which are ranked as Tier 1. These assets are purpose-built, well designed and have strong occupancy above 90%. They are positioned for further growth as the majority have been completed over the last three years. (See Appendix for more details).

Through a series of transactions with Kayne Real Estate worth approximately US$1.6 billion, representing one of the largest transactions in student housing globally, Mapletree’s significant position in the student accommodation sector has been enhanced.

Mapletree acquired its first US student housing portfolio of seven assets from Kayne Real Estate in November 2016 and now has 17 assets with 12,000 beds located across 16 cities in the US. Mapletree’s total student housing portfolio consists of 43 assets with 18,024 beds located across 29 cities in the US, Canada and the UK, including assets held by its sponsored Mapletree Global Student Accommodation Private Trust (“MGSA P-Trust”)1 .

Mr Hiew Yoon Khong, Group Chief Executive Officer of Mapletree said, “Since 2016, Mapletree has expanded into the student housing asset class on a global scale as it generates stable and consistent earnings. We have been able to grow our portfolio through a number of sizeable acquisitions in the United Kingdom (UK) and the US. The short time we have taken to achieve this scale demonstrates our Group’s capabilities and commitment, and we will continue to grow our current portfolio further globally. We are therefore certainly pleased to have partners such as Kayne Real Estate alongside us in our growth plans.”

Mr Al Rabil, Managing Partner and CEO of Kayne Real Estate said, “We continue to be excited about our relationship with Mapletree and are pleased to have completed another successful transaction with them. Mapletree has quickly established itself as an important player in the US student housing space and illustrates their focus on expanding strategically. We view all these as part of the beginning of a long and mutually beneficial partnership with them."

Mr Hiew added, “Growing university enrolment rates continue to drive demand for student housing. This sector is still under-served and we see opportunities as there is a gap between enrolment and total supply of purpose-built student housing. We intend to scale up in this sector globally including in Australia and continental Europe, aside from the UK and the US.”

Citigroup Global Markets Inc. acted as exclusive financial adviser to Kayne Real Estate on the entirety of the sale transactions with Mapletree.

Footnotes

1Further to the press release on MGSA P-Trust dated 21 March 2017, the acquisition of the three assets pending legal completion had taken place on 24 May 2017.

WaHu student accommodation, located in Minneapolis, comprises 825 beds and is near to the University of Minnesota in the US

4th Street Commons is a 562-bed quality student accommodation asset located near the Florida International University in Miami, the US

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MEDIA CONTACTS
For Mapletree Investments Pte Ltd:

HENG Sue Yuan                                                                        Christine TEH
Tel : +65 6807 4031                                                                   Tel: +65 6377 4608
Email : heng.sueyuan@mapletree.com.sg                                Email : christine.teh@mapletree.com.sg     

For Kayne Anderson Real Estate Advisors:

Jonathan Keehner /  Julie Oakes                                                                        
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

APPENDIX - ABOUT THE PORTFOLIO
Student Housing

  • Seven assets comprising 3,611 beds located in the midwest, northeast, southeast and mountain states of the United States were built between 2014 and 2016.
  • An asset with 140 beds is located in Montreal, Canada.
           
     Property Name  City, State, Country  Beds  Universities in Proximity
     WaHu  Minneapolis, Minnesota, US  825  University of Minnesota
     The District at Campus West  Fort Collins, Colorado, US  659  Colorado State University
     SkyVue  Pittsburgh, Pennsylvania, US  627  University of Pittsburgh
     4th Street Commons  Miami, Florida, US  562  Florida International University
     930 NoMo  Charleston, South Carolina, US  430  College of Charleston
     Todd  Columbia, Missouri, US  351  University of Missouri 
     700 on Washington  Minneapolis, Minnesota, US  157  University of Minnesota 
     Parc Cite  Montreal, Canada   140  McGill University

Multi-Family

  • Four multi-family assets comprising 1,388 units.
  • These assets are located in the cities of Denver (state of Colorado), Minneapolis (Minnesota), and Decatur (Georgia) in the US.
     

ABOUT MAPLETREE  

Mapletree is a leading real estate development, investment and capital management company headquartered in Singapore. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, the Group has established a track record of award-winning projects, and delivers consistent and high returns across real estate asset classes.

Mapletree currently manages four Singapore-listed real estate investment trusts (REITs) and six private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, the United Kingdom (UK) and the United States (US).

As at 31 March 2017, Mapletree owns and manages S$39.5 billion of office, retail, logistics, industrial, residential, corporate housing and serviced apartment, and student housing properties.

The Group’s assets are located across 12 economies globally, namely Singapore, Australia, China, Germany, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US and Vietnam. To support its global operations, Mapletree has established an extensive network of offices in these countries.

For more information, please visit www.mapletree.com.sg.

ABOUT KAYNE ANDERSON REAL ESTATE ADVISORS

Kayne Anderson Real Estate Advisors is a leading real estate private equity investor in off-campus student housing, senior housing and medical office buildings. Kayne Real Estate has raised dedicated real estate private equity funds totaling approximately $5 billion in commitments. Kayne Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $26 billion alternative investment management firm (AUM as of 3/31/17) with more than 30 years of successful experience in the energy, infrastructure, growth capital, real estate, and middle market credit sectors. For more information, visit http://www.kaynecapital.com/strategies/real-estate-private-equity.