The student accommodation fund provider said it signed the tripartite agreement with a Taiwanese bank and a Taiwanese Securities Investment Consulting Enterprise (SICE), after having been approved as an offshore fund provider.
Coral Portfolio expects the agreement to create new opportunities for the business as it seeks to attract companies holding offshore business units. The provider also hopes the new arrangement will help attract high net worth individuals.
The firm was granted official status as an offshore provider to Taiwanese private banks in November following changes to legislation in Taiwan.
Coral Portfolio highlighted findings from the Organisation for Economic Co-operation and Development (OECD) which forecast the number of students around the world will increase by 100 million over the next decade, meaning the appetite for purpose built student accommodation is expected to grow.
“Severely lagging”
However, Coral Portfolio has said the supply of professionally managed quality properties near to internationally renowned universities is “severely lagging”.
Giles Boeree, Coral Portfolio’s Asia-based director, said: “There are very few alternative real estate funds with our regulatory structure and track record.
“We are now able to provide a means for Taiwanese investors to participate in this exciting and growing asset class.”
He said the firm’s recent partnership with the Global Student Accommodation (GSA) group has “opened institutional doors”, while the latest arrangement with the Taiwanese SICE “is a good example” of how the company is attracting increasing interest from a range of global investors.
