May 23, 2019 / 7:46 AM / 2 months ago

CORRECTED--M3 Capital to sell Australian student housing platform Urbanest

(Corrects headline, lead and 4th paragraph to clarify that M3 Capital is selling Urbanest)

May 23 (Reuters) - M3 Capital Partners on Thursday said it would sell 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 7,500 beds predominately in Sydney and Melbourne. It expects to report net operating income (NOI) of about A$100 million ($68.69 million) in 2020.

By 2024, it expects NOI to be A$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.

$1 = 1.4558 Australian dollars Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Bernard Orr

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