US property giant buys into Perth’s student housing boom

US real estate giant Heitman has bought into Perth’s growing student housing sector, teaming up with a local developer for a very large 1146-bed facility in the Perth City Link precinct, a major urban renewal project that is linking the CBD with the bustling city fringe suburb of Northbridge.

The site has been acquired directly from the state government, whose urban planners last year approved a proposal by Heitman’s local development partner Erben for a 19-storey project worth around $230 million. Its developed value is likely to rise higher.