PGGM and Sentinel Fund Manager Australia, the Australian arm of US development and real estate investment firm, Sentinel Real Estate, have expanded into Queensland with a 300-apartment build-to-rent (BTR) project on the Gold Coast.
Under their A$1.5bn joint venture, established last year, Dutch pension fund manager PGGM and Sentinel plan to build a national portfolio of 2,500 apartments across Australia.
The Gold Coast project, just approved, will take the number of rental units currently in operation or under various stages of development for the joint venture to more than 1,600, including two fully-leased apartment communities in Perth, Western Australia.
Sentinel will develop and, on completion, manage the asset under Sentinel’s Australian property management brand, Kinleaf.
Keith Lucas, Sentinel’s managing director in Australia, said: “Queensland’s housing market was evolving and the project offered the opportunity for Sentinel to apply its proven expertise in delivering and managing well-designed rental apartment communities.
“Our upcoming development on Stadium Drive in Robina will transform into a vibrant and engaged rental community that offers its residents thoughtfully and sustainably-designed apartment living that sets a new benchmark for the area.”
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