Ontario Teachers’ Pension Plan and Hines have bought two build-to-rent (BTR) assets in Brisbane from Australian developer Adco Group for around A$350m (€218m).
The Robertson and Cordelia apartments, located in Fortune Valley, are managed on behalf of Adco’s BTR platform Arklife. Hines will provide asset management services and Arklife will continue to be the property manager for the 354 apartments.
Jun Ando, head of Asia-Pacific Real Estate at Ontario Teachers’, said: “These assets provide us with a strategic entry point into Brisbane and, working alongside Hines and Arklife, we will look to offer a compelling value proposition for tenants and create value for our stakeholders through active asset management.”
David Warneford, country head of Australia and New Zealand at Hines said the acquisitions reflected the partners’ continued focus on actively pursuing BTR opportunities in Brisbane. Warneford added that Hines and Ontario Teachers’ would be looking to other key Australian cities with strong fundamentals to increase their portfolio.
“Hines sees tremendous potential in Australian BTR for both investors and residents. It’s poised to offer stable cash flow and income growth while helping to meet the demand for quality rental housing in the country,” he said.
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