​Allens secures local investment for Singaporean sovereign fund

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Allens has helped the Singapore-based sovereign wealth fund GIC secure an interest in specialist student accommodation company Iglu.

The firm helped GIC establish a joint venture with Macquarie Capital for the purchase of a majority interest in Iglu, which owns approximately $150 million worth of student accommodation.

The Allens team was led by Sydney-based partner Nicholas Cowie who received support from partner Penny Nikoloudis.         

Cowie said the deal was significant because it underscores the increasing interest and opportunity in the student accommodation market as an alternative investment class.

King & Wood Mallesons partners John Sullivan and Felicity Savagel acted for Macquarie Capital.

Iglu already has two accommodation developments located in Sydney and is developing another in Brisbane.