Deutsche Asset Management (DAM) has joined forces with residential developer FYVE and construction contractor Binah to buy and develop its first Australian build-to-rent (BTR) project.
The asset manager, formerly known as the DWS Group, has purchased a plot in Liverpool, western Sydney, on behalf of one of its real estate funds – subject to planning approval expected in 2027.
The company said the development aligned with its “living investment initiative”, which aims to build rental units for medium-income households across western Sydney as well as suburban Brisbane and Melbourne.
The project will be the Sydney suburb’s first major housing project in almost a decade and transform the site with plans for a 34-storey development – and its tallest ever tower.
“This transaction aligns with our BTR strategy to specifically target the undersupplied mid-market segment, providing quality market rental accommodation for key workers who support the region, at relatively affordable rental levels,” said Ben Taylor, DAM’s head of real estate, Australia.
“Western Sydney’s investment fundamentals as well as Liverpool’s vibrant community make it a compelling location for our first Australian BTR project.”
The project will comprise approximately 414 residential apartments.
Amen Zoabi, managing director, FYVE said: “We are delighted to be chosen to partner with one of the world’s leading asset managers to acquire, develop and deliver housing in Australia’s key east coast markets. The agreement further cements FYVE’s standing with leading institutional investors at home and abroad.”
To read the latest IPE Real Assets magazine click here.
