BentallGreenOak has entered the Australian market by teaming up with Partners Group to formed a build-to-rent (BTR) platform with Greenfort Capital Partners.
Under the agreement, living sector specialist GreenFort is to originate and develop BTR projects across Australia, with a focus on the Eastern seaboard.
The platform’s first asset is located in Brisbane, the Queensland capital, where 364 apartments will be constructed on a site at 2 Cordelia Street in South Brisbane. The Brisbane site was acquired last month, reportedly for around A$20m (€12.5m).
The apartments will be managed by Canvas, a specialist operating business established by GreenFort’s Adam Vaggelas and Nick Singleton.
Vaggelas said Australia’s low housing vacancy rates, limited new apartment supply and lack of institutional-grade residential stock presented a significant opportunity.
“Australia has one of the highest rates of urbanisation and population growth, and one of the lowest residential vacancy rates in the developed world,” he said.
“These trends, together with increasing housing affordability constraints, present a compelling opportunity to deliver quality.”
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