Melbourne-based real estate investment manager Qualitas has floated on the Australian Securities Exchange, raising A$335 (€212m) with a pro-forma market capitalisation of A$735.

The company also announced that its recently-formed A$1.2bn build-to-rent joint venture with developer Tim Gurner had made a third acquisition.

The project, known as Beach House, in the Melbourne beachside suburb of St Kilda, is projected to have an end value of A$300m.

Market Fischer, global head of real estate and co-founder of Qualitas, said: “The third acquisition for the platform provides us with critical mass to become a significant player in the build-to-rent sector, a very short time after the launch.

“This gives us a significant base from which to build, as we continue to deploy our committed fund capital into attractive off-market opportunities.”