Brookfield Asset Management has acquired a 50 per cent stake in Journal Student Living, a best-in class student accommodation operating platform. The interest was acquired from integrated property business Citiplan, which will continue to own the other 50 per cent interest. 

Brookfield and Citiplan formed a joint venture in December 2021 when they acquired a purpose-built student accommodation (PBSA) development site on Grattan Street opposite the University of  Melbourne. Since then, the joint venture has acquired a further two sites in Melbourne and Brisbane, with Brookfield as the majority shareholder. 

The three projects, totalling approximately 2,500 beds, have all received development approval and are currently under construction with Multiplex as head contractor. The first asset in Melbourne is on  track to open in advance of semester two 2025.  

Journal Student Living will manage all three assets once complete. Journal provides its residents with  an immersive, locally-focused living experience and is recognised by students, parents and university  partners for its unique and high-quality offering. It also runs a market-leading student life program,  Journal Life, focused on creating student engagement, well-being and self-growth with experiential  and enriching programs. 

Brookfield Asset Management Co-Head of Australia Real Estate Ruban Kaneshamoorthy said:  “Education is Australia’s fourth biggest export. We have the third-highest number of enrolled  international students globally but limited high-quality purpose-built student accommodation in our  capital cities relative to other education hubs.

This provides an enormous opportunity and we view student accommodation as one of the best ways to invest in the living sector in Australia. The Journal platform and brand has an excellent track record of creating and operating the best PBSA assets in  Australia and we look forward to continuing to grow the business with Citiplan.  

“Student accommodation also has a role to play in helping ease Australia’s housing shortage.  Providing quality accommodation for domestic and international students takes pressure off the rental  market in university towns. We see further opportunity to work with Australia’s universities to develop  more student accommodation sites, particularly on the eastern seaboard.”  

Journal Student Living CEO Ian Davidoff said: “Since its inception, Journal has been offering students  a unique living experience shaped by creativity, design, culture and a community-focused  environment. Working with Brookfield, we are excited to continue to offer international and local  students a choice to live in boutique, experience-led accommodation, which gives them the  foundation they need to succeed in their goals.” 

Brookfield has a US$7.4 billion global student accommodation business, with over 200 assets  comprising more than 60,000 beds across Europe and the United States. 

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