Transfield Holdings acquired a 50% share in Tuscan Corporation’s student accommodation business, Campus Living in 2004. At this time, the business had developed approx. 600 beds (at the University of Sydney) together with several prospects in Australia and New Zealand. In 2005, the business was renamed Campus Living Villages (CLV) and Transfield acquired the remaining 50% from Tuscan.
In 2007 Transfield established the CLV Fund (the Fund), managed by Transfield’s wholly owned subsidiary, CLV Funds Management (CLFM) and introduced five of Australia’s major industry superannuation funds as co-investors into the Fund. Further details can be found here.
Under Transfield Holdings’ management, CLV grew the portfolio of managed and/or owned facilities, both by acquisition and development. The Fund is now a global player in the field of on-campus student accommodation. Working closely with education partners at over 50 tertiary institutions, the Fund owns/manages/is developing over 40,000 beds across Australia, New Zealand, the United Kingdom and the United States.
In June 2014, the Fund’s five other investors acquired Transfield’s interest in CLV as well as CLFM, thereby effecting an internalisation of the management of the fund.