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APG, NPS lead $3.76 billion Scape Australia’s PBSA fund conversion

Lucas Cacioli
Three of the world's largest pension funds have recommitted to Scape Australia's flagship student housing vehicle as it converts to an open-ended core fund, reflecting a growing institutional appetite for Asia-Pacific living sector strategies.
APG, NPS lead $3.76 billion Scape Australia’s PBSA fund conversion

Dutch pension giant APG Asset Management has deepened its investment to Australia's purpose-built student accommodation (PBSA) sector, leading a $626 million (A$1.0 billion) equity raise alongside the National Pension Service of Korea (NPS) and, CDPQ’s real estate arm, Ivanhoé Cambridge for Scape Australia's newly converted open-ended core fund.

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