Australian private equity real estate manager AsheMorgan has brought in three Japanese partners, including conglomerate Marubeni Corporation to develop a A$600m build to-rent precinct in Melbourne’s Dockland.
Marubeni, which is making its entry into Australia’s growing BTR market, is participating in the project alongside Haseko Corporation and Mizuho Leasing.
Located in the District Living precinct, the new project will provide more than 900 apartments across two buildings. Builder Kapitol has been appointed to begin construction on the 626-apartment Stage One next month.
Mendy Moss, principal at AsheMorgan, said: “Partnering with Marubeni, Haseko, and Mizuho Leasing on District. Living is an exciting step for AsheMorgan and is reflective of the group’s confidence in the project. Together, we are committed to creating a thriving rental community that sets a new benchmark for quality and amenity in Melbourne.”
Marubeni is known for long-term partnerships, often co-developing major infrastructure and urban projects, and it already has exposure in multifamily in other parts of the world.
Noritake Miyaguchi, general manager, Marubeni, overseas real estate dept, said: “We see enormous potential in build-to-rent as a housing solution in Australia, and are looking forward to working with an outstanding partner in AsheMorgan to bring this project to life.”
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