BentallGreenOak has entered the Australian market by teaming up with Partners Group to formed a build-to-rent (BTR) platform with Greenfort Capital Partners.
Under the agreement, living sector specialist GreenFort is to originate and develop BTR projects across Australia, with a focus on the Eastern seaboard.
The platform鈥檚 first asset is located in Brisbane, the Queensland capital, where 364 apartments will be constructed on a site at 2 Cordelia Street in South Brisbane. The Brisbane site was acquired last month, reportedly for around A$20m (鈧�12.5m).
The apartments will be managed by Canvas, a specialist operating business established by GreenFort鈥檚 Adam Vaggelas and Nick Singleton.
Vaggelas said Australia鈥檚 low housing vacancy rates, limited new apartment supply and lack of institutional-grade residential stock presented a significant opportunity.
鈥淎ustralia has one of the highest rates of urbanisation and population growth, and one of the lowest residential vacancy rates in the developed world,鈥� he said.
鈥淭hese trends, together with increasing housing affordability constraints, present a compelling opportunity to deliver quality.鈥�
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