Australian-based alternative investment manager Wingate has provided a $92 million senior debt facility to drive the construction of a much-needed purpose built student accommodation facility in Perth, Western Australia. The development, strategically positioned near the Edith Cowan University (ECU) CBD campus, set to open in 2026, features 732 beds to meet the increasing demand for quality student housing in the state.

Nick Jacobson, Wingate Property Managing Director, expressed confidence in the project, stating, ‘At Wingate, we identified a substantial demand-supply imbalance in the Perth market for purpose built student accommodation. The imminent ECU Perth CBD campus will only amplify this need, making our partnership with the developer a natural choice.'

Jacobson continued, emphasising the market dynamics, ‘Approximately 55,000 international students are expected to study in Perth in the upcoming year and require accommodation, resulting in a ratio of one bed for every seven students in the market. Upon completion of this project, we anticipate achieving a full occupancy, further highlighting the current demand.’

The new ECU campus, estimated to cater to around 10,000 staff and students, presents a unique opportunity for the private sector to meet the escalating demand for accommodation, as the campus does not provide on-site housing options. Wingate's partnership in this development aligns with the broader purpose built student accommodation trend, gaining prominence and maturity within the Australian institutional property and finance sectors.

Wingate remains at the forefront of alternative commercial real estate financing, recognising the importance of meeting the evolving needs of the Australian university student community. The $92 million senior debt facility evidences Wingate’s commitment to supporting innovative projects that contribute to the growth and advancement of Australia's social infrastructure.