Oxford Properties and Investa have launched a build-to-rent (BTR) management platform in Australia with a plan to invest to target up to A$5bn (€3bn) in apartments.

The Indi platform, which will focus on Sydney and Melbourne, will deliver its first BTR project in late-2023, with the partners expecting to reach the target of 5,000 apartments over the following four to five years.

Alec Harper, Oxford Properties head of Australia, said: “As Oxford has experienced across North America and the UK, there is a deep need and desire among renters for high quality, professionally-managed apartments.

“Indi provides us with an opportunity to move the status quo of the current landlord and tenant dynamic in Australia by replacing it with one where the owner is focussed on service and providing an exceptional experience for residents.”

Oxford Properties currently owns and operates a portfolio of almost 10,000 apartments across North America, with a development pipeline of approximately 15,000 units. It is a co-owner of Get Living, a UK BTR platform, which owns approximately 3,000 operational units, with a pipeline of a further 5,000.

James Greener, Investa’s fund manager, BTR, said: Investa was “excited” to progress Oxford’s build to rent investment strategy in Australia’s nascent institutionally-managed residential rental sector.

“In the US and UK, this growing asset class represents 12% and 2% respectively of the existing housing stock. If just 1% of Australia’s current housing stock transitioned to BTR, it represents a A$74bn opportunity,” said Greener.

Indi is an initiative of the Investa management platform, which is 50% owned by Oxford Properties.

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