Situated in the heart of Curtin’s Perth Campus in Western Australia, the Project, also known as Greater Curtin Stage One, is a mixed-use precinct comprising student and private accommodation, a hotel, commercial space and retail facilities.
In 2019, InfraRed entered into a long-term, 35-year concession with Curtin University – a public university part-funded by the Australian government – to design, finance, construct, and operate the development. InfraRed assumed responsibility for the management of the University’s c.1,150 existing student accommodation beds, operated by UniLodge Australia, while also delivering an additional 924 purpose-built student beds, operated by both UniLodge Australia and St. Catherine’s College.
The new development also included the construction of a 60-room boutique hotel, operated by Nesuto, alongside 38 premium apartments, 3,000 m² of commercial space, and 12 specialty retail shops. The total capital value of the development was c.US$209mn*, and the project opened in January 2022.
Sven Stubican, Partner, InfraRed, said: “We are extremely pleased with the successful outcome of this investment and project. It has been delivered end-to-end under InfraRed’s long-term ownership, from initial design and development in partnership with Curtin University, through to successful delivery, operation, and refinancing. This has been a transformational precinct development for our client and the student community. The asset is performing with high occupancy and has demonstrated strong resilience, even during challenging periods such as the COVID-19 pandemic. This project is a clear demonstration of InfraRed’s value add approach to delivering infrastructure.”
ENDS
*As at June 2019.
Notes to Editors
About InfraRed Capital Partners (“InfraRed”)
InfraRed is a leading international mid-market infrastructure asset manager. Over the past 25 years, InfraRed has established itself as a highly successful developer, particularly in early-stage projects, and an active steward of essential infrastructure.
InfraRed manages US$13bn of equity capital [1] for investors around the globe in listed and private funds across both core and value-add strategies.
InfraRed combines a global reach, operating worldwide from offices in London, Madrid, New York, Sydney and Seoul, with deep sector expertise from a team of more than 160 people.
InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life, and benefits from its scale and global platform.
For more information, please visit www.ircp.com.
[1] Uses 5-year average FX as at 31st December 2024 of GBP/USD of 1.2818; EUR/USD 1.1092. EUM is USD 13.186m.
