Aus & NZ: DIF wins student accommodation concession in Tasmania

21 December 2017 - 12:00 am UTC

DIF Infrastructure V fund and Tetris Capital have won the right to operate and maintain ten properties for 30 years at the University of Tasmania for an undisclosed sum.

In total, the student accommodations have about 1,800 beds at various locations across the state.

The consortium, known as Spark Living, has also acquired the right of first offer to build any new “purpose built accommodation properties” at the university.

University of Tasmania Vice Chancellor Mike Calford said in a statement that it is seeking new sites for accommodation development across the state. The university has 14 purpose built accommodation properties at present.

Tetris Capital were financial advisers to DIF. The legal adviser was Corrs Chambers Westgarth.

The consortium will become the asset managers of the properties at the end of this year alongside global staffing, maintenance and facility management business, Programmed Living.

The award followed a lengthy tender process, with final bids understood to have been lodged in late June. It is understood Macquarie Capital had taken part, as reported.

Calford said under the deal the university would retain control of the “services and care” provided to students.

“The proceeds from this transaction will allow us to invest further in our core business of research, teaching, the student experience, and our ongoing projects to transform Tasmania through the integration of our campuses with our cities, he said.

“The partnership means capital upgrades to some of our student accommodation buildings will commence immediately,” he added.