Brookfield has launched its build-to-rent (BTR) platform in Australia, starting with a A$400m (€243m) project in the inner-city suburb of Hamilton in Brisbane.
The global asset manager has lodged the development application for the MacArthur Avenue project, a 560-apartment asset comprising two towers.
The application is one of the first to be lodged under the planning authority, Economic Development Queensland’s revised Northshore Hamilton Development Scheme. The Northshore Hamilton precinct is poised for major transformation over the next decade as the home of the main athlete village for the Brisbane 2032 Olympic and Paralympic Games.
Sophie Fallman, Brookfield managing partner and head of Australia real estate, said: “Housing and affordability are strong investment thematics for Brookfield and we want to invest in them around the world, including Australia, where there are compelling tailwinds for these strategies.”
Brookfield residential properties managing director, Lee Butterworth, said: “Vacancy rates in Brisbane are among the lowest in the country at under 1%, so demand for new rental properties in the city is significant.”
Nicky Drobis, partner, Fender Katsalidis, designer of the Brookfield project, said: “With a Build to Rent portfolio of more than A$1bn, Fender Katsalidis has been able to bring proven experience to Brookfield’s first Australian build-to-rent project.
Brookfield established its global multifamily platform in 2010. It currently has approximately US$18bn (€16.8bn) in total assets under management, including 61,000 apartments, mainly in the US but also in Europe, Brazil and China.
To read the latest edition of the latest IPE Real Assets magazine click here.