AXA Investment Managers – Real Assets, Allianz and APG have acquired Urbanest, Australia’s largest owner of Purpose Built Student Accommodation (PBSA) portfolio. The Urbanest portfolio comprises 6,805 beds across 14 assets located in Sydney, Melbourne, Brisbane and Adelaide, and will now be operated by Scape. The portfolio has an average asset age of circa 4.5 years and offers a wide range…

RETAIL landlords will be facing more headaches after 170-year-old department store Harris Scarfe entered into voluntary administration, potentially adding 66 empty stores to the 770,000 sqm of retail space forecast to become empty in the coming years due to the tough trading environment. South Australia’s oldest retailer, Harris Scarfe was established in 1849 and had just been taken over by…