The UniLodge student accommodation block in Auckland.
The UniLodge student accommodation block in Auckland.
Australian property developer Meridien has bought the company that has the management contract on Auckland's UniLodge student accommodation block.
Meridien, a private Queensland company, is the new owner of the student accommodation management company UniLodge Australia.
Meridien is one of Australia's largest developers, with more than A$1 billion ($1.23 billion)work finished or under construction.
UniLodge in Auckland was developed by apartment specialist Nigel McKenna of Melview Developments. He also developed UniLodge on Beach, a twin for the first tower.
Meridien executive chairman David Roberts said UniLodge Australia managed assets worth A$460 million-plus. Its 12 accommodation blocks in six cities have 3700 beds.
Meridien sees scope for expansion because tertiary student growth combined with Government funding reductions provides a role for private sector involvement.
