The Greystar Australia Global Multifamily Venture has acquired two additional sites in Melbourne for build-to-rent (BTR) apartments, which are expected to have an end value of approximately A$500m (€323.3m).

The acquisition of the sites at Fitzroy and Kensington will lift the fund’s portfolio, on completion, to around 2,000 apartments, valued at A$1.5bn, across a total of four projects, all located in Melbourne.

Chris Key, Greystar Australia managing director, told IPE Real Assets: “As long-term investors, the sites offer opportunities which excite us. They are located in two of our key submarkets in Melbourne.”

Greystar launched its Australia fund in 2019, and, when it held its second close in 2020, had raised A$1.3bn from APG, Ivanhoe Cambridge and Finland’s largest private pension company, Ilmarinen. The fund’s aspiration is to build out a portfolio of some 5,000 BTR units.

Key said Greystar was undertaking due diligence on sites in Sydney, Brisbane and Melbourne. If these all came to fruition, they would “substantially” increase the platform’s portfolio.

“Whether they proceed to consummate in transactions, only time will tell,” he said, declining to provide details.

However, he did say that, given the challenges of real estate pricing, liquidity and debt currently in both the Australian and global markets, “we are taking a measured approach to what we will be doing going forward”.

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