Firms: MinterEllison (Urbanest) 

Deal: MinterEllison has advised on the close of a property deal between student accommodation provider Scape Australia, who has acquired the $2 billion portfolio of dorms run by Urbanest.

Value: $2.2 billion.

Area: M&A, real estate.

Key players: The Minters team was led by M&A partner Wissam Abwi and property partner Leah Wright.

Deal significance: The acquisition of Urbanest’s 6,805 beds across student dorms in Sydney, Melbourne, Brisbane and Adelaide was last year’s largest single property transaction and came just months after Scape bought rival Atira’s six student accommodation facilities in a separate $700 million deal.

Soon after the Atira acquisition, Scape turned its sights on the massive Urbanest portfolio, after it had begun exclusive talks on the 14-asset portfolio by late September.

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Mr Abwi, M&A partner at MinterEllison, and co-lead on the deal said: “Despite the challenges brought by COVID-19 in the closing weeks of the deal, the acquisition of Urbanest’s large student accommodation portfolio successfully closed last Friday.”

The deal completion was run electronically over a call, which is highly unusual for a deal of this size.

Ms Wright, property partner noted the team adapted quickly to accommodate COVID-19 restrictions.

“As the deal came to a close, there were logistical challenges involved in preparing documents for signing while in lockdown,” Ms Wright said. 

“All parties had to be accommodating under the circumstances, including [reliance] on confirmations and undertakings.”

The successful completion of a deal of this size, augurs well for other transactions that are currently, or soon to be, in play.

“Closing a $2 billion deal such as Urbanest that had complex regulatory challenges, in what were difficult circumstances, demonstrates that parties who adapt quickly to COVID-19 restrictions and work together with common purpose, will continue to complete deals in a timely manner,” said Mr Abwi.