Gurner said their build-to-rent assets would be targeting buyers who wanted the “service and amenity of a five-star hotel” in a luxury home setting.
“We are now heavily focused on the Sydney market in particular for further sites to build the portfolio. With market penetration across the eastern seaboard we can create the largest and most sought-after platform in Australia, which is certainly our ambition.”
Qualitas global head of real estate Mark Fischer said the overwhelming response to the capital raising had signalled a strong belief in the future of the build-to-rent sector.
“Across Australia we are anticipating strong and growing demand for high-quality build-to-rent assets as population growth and declining home ownership drive the need for quality rental stock,” Fischer said.
“The scale of our debut capital raising in the build-to-rent sector and its support from blue-chip institutions is vindication of our decision to pursue a fully vertically integrated model for build-to-rent.”
Fischer said the group had quickly put the capital work on current projects and would look to carry out a second fund raising early next year. He said the asset class provided “defensive and resilient cashflows”, which was attractive to global institutional investors.
The group’s first build-to-rent project, on the site of the former Parramatta PCYC at 12 Hassall Street, was acquired for about $70 million, taking over from Toplace and building on the developer’s 2017 plans for the site.
In September 2021, they teamed up with Newmark Capital to turn Melbourne’s Jam Factory into a $1.5-billion mixed-use precinct.
Article Source: www.theurbandeveloper.com