The GQ Multifamily Build-to-Rent, an Australian residential platform owned by developer GurnerTM and Qualitas, has received a capital injection from a new investor for a second fund, giving it additional firepower of up to A$2bn.
It is understood that GQ originally intended to keep the fund’s target to A$1.2bn, but it was upsized to A$2bn “to capture excess demand from the investor”. The identity and the specific amount raised was not disclosed.
The capital has increased the pipeline of the platform to approximately 3,500 apartments across Sydney, Melbourne and Brisbane.
Qualitas global head of real estate and co-founder, Mark Fischer: “The additional A$2bn capacity gives GQ the dry powder necessary to capitalise on the interesting deal flow we expect to see during 2023 and beyond as markets recalibrate.”
He expects land prices in all Australian capital cities, especially in Sydney, to “experience a 15-20% correction” in the coming 12 months.
Tim Gurner, chief executive of GurnerTM said: “When we first launched the GQ platform in 2021 we set out to lead the sector with some pretty ambitious growth plans.”
The second fundraise came after the platform initially secured A$1.2bn in gross assets under management in the first fund, he said.
The first fund had fast-tracked its first tranche of BTR assets totalling 2,000 apartments in 2022.
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