QuadReal has backed Lendlease in the launch of the Sydney-based global property group’s Australian build-to-rent (BTR) platform.
The partners will kick off the joint venture with a A$300m (€196.4m) project in the Queensland capital, Brisbane.
The project, due to open for occupation in late 2025, will provide 443 apartments in a 37-storey tower in Brisbane Showgrounds. Lendlease will act as the development and investment manager for the project.
The Brisbane project marks QuadReal’s entry into the Australian BTR sector. Globally, the has a portfolio of 60,000 residential units under management or development.
Peter Kim, managing director, QuadReal Asia, said: “The residential build-to-rent sector has been one of QuadReal’s strongest global convictions for some time now, given its resiliency through economic cycle.”
Kim told IPE Real Assets: “Historically, both foreign immigration and inter-state migration have been key drivers of Australia’s economic and population growth, with not enough institutional-grade homes to service the demand, particularly in Brisbane.
Since 2019 Lendlease has delivered more than 2,600 residential-for-rent apartments internationally, with another 1,500 in delivery in key cities including Chicago, New York, and London. It currently has a globa lBTR pipeline of approximately A$28bn.
Dale Connor, CEO of Lendlease Australia, said: “We see enormous potential in the emerging build-to-rent sector in Australia with institutional investors attracted to high-quality residential real estate for its resilient income profile.
“In the Australian market, we believe there’s strong demand for long-term, premium rentals in quality locations. Our partnership with QuadReal will bring the best of our shared global experience and capability to deliver one of the finest examples in Australia.”
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