University of Tasmania - PBSA Transaction

157 Elizabeth Street, Hobart, Tasmania

Spark Living, a consortium of Tetris Capital, DIF Capital Partners and Programmed reached financial close on the UTAS PBSA Transaction in September 2017. The consortium will finance and maintain over 1,800 student accommodation beds over multiple sites throughout Tasmania.

 

Maintenance of the facilities will be completed by Programmed over the term of the 30 year concession with UTAS retaining all student accommodation operations functions through their student living team.

 

Tetris Capital advised DIF (on the long-term lease).  In addition to the equity invested by DIF, the transaction was partly funded by an innovative debt package structured by Tetris Capital which was supported by Australian superannuation funds, amongst others. Tetris will be the asset manager for the duration of the 30 year concession.

 

The 1,800 beds are primarily located at, or near, the Hobart and Launceston campuses, with a small number at Burnie.

 

Our team is now working with UTAS to develop more student accommodation in Hobart.

LOCATION

Various Locations, Burnie, Hobart, Launceston, Tasmania

CLIENT

University of Tasmania

TOTAL VALUE 

$160m

OUR ROLE

Financial Advisor
Asset Manager

SERVICES CONTRACTOR

Programmed

FINANCIAL CLOSE

2017

CONCESSION LENGTH

30 year concession until 2047

CONTRACT TERMS

Finance and maintain

Melbourne

Level 44, Rialto Building
525 Collins Street 

Melbourne VIC 3000 

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Sydney  

Level 3 
10 Bond Street

Sydney NSW 2000

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