May 23, 2019 / 7:36 AM / 3 months ago

Urbanest to sell Australian student housing arm

May 23 (Reuters) - Student housing provider Urbanest said on Thursday it would sell its Australian student accommodation platform, with advisory firm M3 Capital Partners facilitating any deal.

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.

Urbanest will be advised by M3 Capital Partners, on behalf of its Evergreen Real Estate Partners Investment Platform, and Savills Capital Advisors.

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

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