Macquarie Asset Management-backed Australian build-to-rent (BTR) platform Local Residential has formed a partnership with Monno to develop a A$350m (€196m) project in Melbourne’s Docklands.
The partners expect to develop a 32-level residential tower featuring 391 units. Scheduled for completion in late 2027, the 111 Lorimer Street project is expected to be one of the first Melbourne metro developments to begin construction this year.
Dan McLennan, Co-CEO at Local Residential said: “We’re proud to launch a strategic partnership with Monno, focused on delivering high-quality renter-centric homes that address critical undersupply whilst aligning delivery of purpose-designed build-to-rent assets.”
McLennan added: “The partnership brings another fresh and focused structure to the sector– at a time when global capital favours the living sector, and the Australian market in particular.”
Geno Hubay, managing director at Monno, said: “This partnership with Local reinforces our shared commitment to long-term institutional outcomes, renter experience and ESG excellence.”
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