Australian Retirement Trust (ART) has bought a 48.5% interest in Mirvac Group’s A$1.7bn (€956m) Australian build-to-rent platform LIV Mirvac Fund, from a founding investor.
Clean Energy Finance Corporation (CEFC) remains an investor in the fund launched in 2023, which was initially formed by Mirvac and anchored by Japan’s Mitsubishi Estate as the other foundation investor.
Michael Weaver, Australian Retirement Trust’s general manager - mid-risk assets and UK, said: “Our investment in the LIV Mirvac Fund provides us with excellent exposure to one of the fastest growing asset classes in Australia, supported by strong market fundamentals and a positive growth outlook.
“We’ve been a long-term investor in build-to-rent projects in the US, and see this investment as an incredibly exciting opportunity here in Australia. This investment aims to contribute to housing supply locally, while delivering a return which is in our members’ best financial interests.”
The investment in Mirvac LIV Fund is the ART’s third investment – after the Mirvac Industrial Venture and the Mirvac Wholesale Office Fund.
Campbell Hanan, Mirvac’s Group CEO & MD, said: “Australian Retirement Trust is a highly valued capital partner. Today’s transaction is testament to our strong and deepening relationship, as well as a shared commitment to growing our build to rent portfolio, where we see strong tailwinds and significant potential for scale and growth.
“Following the completion of LIV Anura in Brisbane and LIV Albert in Melbourne this year, LIV Mirvac is the largest operational build to rent portfolio and platform in Australia, with around 2,200 apartments developed by Mirvac, and a clear strategy to grow this to at least 5,000 apartments in the medium term.“
Hanan said with ART and co-investors CEFC, the Mirvac LIV Fund would play a key role in achieving this target, helping to deliver much-needed housing supply in Australia’s key capital cities.
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