Heitman and Erben have acquired a site from the West Australian state government for a purpose-built student accommodation project in Perth.
The partners have secured approval for the cityβs largest student-housing tower, which has an estimated completion value of more than A$230m (β¬137m).
The 19-storey Lot 19 project at Perth City Link will provide 1,146 beds across more than 37,000sqm of space. Construction is expected to be completed by late 2027, to allow first student arrivals in February 2028.
Brad Fu, managing director and head of Asia-Pacific Acquisitions for Heitman, said: βFuelled by student demand, Perth is experiencing substantial growth in higher education campuses, which is transforming its city centre into a major Australian and regional education hub.
βThis development reaffirms Heitmanβs long-term commitment to the Australian market, and we anticipate it becoming a focal point for the growing student community in Perthβs CBD.β
The acquisition marks Heitmanβs continued expansion in the Australian student-housing sector. Heitman was an early entrant in the Australian purpose-built student accommodation (PBSA) market in 2018, with the development of Infinity Place β a 335-bed property located in Melbourneβs Carlton district.
Luke Reinecke, managing director of Erben, said: βPerth City Link is one of Western Australiaβs most transformative urban redevelopment projects, reconnecting the CBD with Northbridge.β
βErben has a long history of developing PBSA assets across Australia, and this partnership with Heitman brings a depth of global real estate experience that strengthens both the vision and execution of this development,β he added.
Erben manages more than A$1bn in completed projects and has a pipeline of projects across the residential living and PBSA sectors that exceeds a further A$1.5bn in value.
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