Australian superannuation fund Aware Super and its investment partner Altis have bought a residential site on Sydney’s lower North Shore for around A$80m (€54m) from developer Aqualand.
Aware Super will undertake a development comprising 145 residential apartments over two buildings on the St Leonards site.
An Aware Super spokesman told IPE Real Assets: “The transaction is consistent with Aware Real Estate’s focused investment theme targetting locations around existing and new infrastructure that will drive long-term demand underlying capital growth.”
He said, the apartment project – expected to be completed by mid-2025 – would form part of the fund’s Essential Workers Housing programme.
Aware Super has about A$1bn invested in build-to-rent (BTR) projects across Australia to provide affordable housing to essential workers, making the super fund one of the largest BTR operators in the country.
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