Heitman and Erben to Develop Western Australia’s Largest PBSA asset in the core of Perth CBD

Perth City Link site will be transformed into a 1,146-bed, 19-storey student accommodation community

MELBOURNE, Australia–(BUSINESS WIRE)–Heitman LLC (“Heitman”), a global real estate investment management firm, and Erben, an Australian property development and investment firm, today announced the joint acquisition of Lot 19 at Perth City Link from the Western Australia State Government. The site will be transformed into Western Australia’s largest purpose-built student accommodation (PBSA) asset, with approved plans for a 19-storey property spanning over 37,000 square meters in the heart of Perth’s central business district.

The acquisition marks Heitman’s continued expansion within the Australian student housing sector. Heitman was an early entrant in the Australian PBSA market in 2018, with the development of Infinity Place – a 335-bed property located in Melbourne’s Carlton district, adjacent to the University of Melbourne and RMIT – which it continues to own today.

“Fueled by student demand, Perth is experiencing substantial growth in higher education campuses, which is transforming its city center into a major Australian and regional education hub,” said Brad Fu, Managing Director and Head of Asia-Pacific Acquisitions for Heitman. “This development reaffirms Heitman’s long-term commitment to the Australian market, and we anticipate it becoming a focal point for the growing student community in Perth’s CBD.”

The property is located next to the new Edith Cowan University City Campus, opening to students in 2026, and a short walk to North Metropolitan TAFE. Sitting atop Perth Railway Station and next to Perth Central Station, there is immediate access to Perth’s largest transportation interchange as well as cultural, retail and entertainment amenities. The planned development will deliver 1,146 beds across more than 37,000 square meters of gross floor area in student accommodation and ground-floor retail offerings.

“Perth City Link is one of Western Australia’s most transformative urban redevelopment projects, reconnecting the CBD with Northbridge,” said Luke Reinecke, Managing Director of Erben. “Erben has a long history of developing PBSA assets across Australia, and this partnership with Heitman brings a depth of global real estate experience that strengthens both the vision and execution of this development.”

Students will have access to an extensive suite of amenities, including communal kitchens, a fitness facility and study lounges, among others. The project is targeting a 5 Green Star rating and incorporates sustainable design elements, such as energy-efficient building systems and a solar array. Estimated completion is December 2027, with first student occupancy targeted for February 2028.

ABOUT HEITMAN:
Heitman is a global real estate investment management firm with $48 billion in assets under management as of September 30, 2025. Founded in 1966 and globally headquartered in Chicago, with European headquarters in London, Heitman has 11 offices worldwide and is an active participant in the global real estate property and capital markets. Heitman makes real estate investments through private equity, debt, and publicly traded real estate securities. Heitman has invested across traditional and alternative sectors, including office, industrial, retail, student housing and self-storage assets across the major cities of Australia since 2011.

ABOUT ERBEN:
Erben is a nationally recognised, award-winning real estate developer and asset manager with over $1 billion in completed projects and current pipeline of projects across the residential living and purpose-built student accommodation (PBSA) sectors that exceeds a further $1.5 billion in value. Established in 2005 and with offices in Perth and Brisbane, Erben specialises in urban infill and social infrastructure projects. Erben’s primary objective is to create desirable, sustainable and connected communities through considered, design-led developments. The company’s ethos, “Creating to Belong,” underscores its dedication to designing spaces that foster meaningful connections between people, community, and nature.

Contacts

Prosek Partners on behalf of Heitman
[email protected]