PGGM-backed Australian build-to-rent developer Apt Residential has acquired a site in Sydney for a A$240m development project.
The project within the Ultimo Heritage Conservation Area will transform two heritage-listed buildings to deliver 260 rental dwellings, together with new retail spaces. Construction is expected to commence later this year and targeted for completion in late 2026.
Matt Carolan, managing director, Apt Residential, said: “With this acquisition, we’re creating a new precinct that transforms two underutilised inner-city assets into a connected residential and retail destination.
“It’s a rare opportunity to deliver scale, sustainability and social value in a high-amenity, heritage-rich setting and we’re pleased to be providing much needed, new rental housing to the City of Sydney.”
Juey Thanyakittikul, development director, Apt Residential, said the project “will offer an inclusive, modern housing solution that celebrates its heritage and reflects the needs of a vibrant, evolving neighbourhood”.
To read the latest IPE Real Assets magazine click here.
