US-based real estate investment company Pembroke has entered the Australian build-to-rent (BTR) market with the purchase of a development site in inner Melbourne from Greystar.
The site at 155 Johnson Street, Fitzroy, has approval for 200 units.
Pembroke, which manages the private capital of its two principal long-term investors, FMR LLC and FIL Limited, declined to comment on both the purchase price and the final value of the project.
91传媒在线 understands that the completed value of the BTR project would be about A$200m (鈧�112.6m).
Joe Fitzpatrick, Pembroke鈥檚 regional director for Australia, told 91传媒在线: 鈥淥ur approach in Australia reflects a wider global strategy. We look for develop-to-core or value-added opportunities where we can use our expertise as a developer and global investor.鈥�
Fitzpatrick said: 鈥淧rior to COVID we were looking to diversify our global portfolio. BTR and multifamily is a logical step and complements our ownership of commercial office buildings. My personal perspective is that office and hospitality are somewhat related, given that both require a high level of service.鈥�
The construction of the project will be managed by Greystar.
Matt Woodland, Greystar鈥檚 managing director for Australia, said: 鈥淭here is an urgent need for attainable and high-quality housing options in Australia, particularly in the city of Melbourne.鈥�
Jack Clark, senior vice-president and head of investments at Pembroke, said: 鈥淭he demand for high-quality residential properties in the world鈥檚 leading cities continues to rise. We are well positioned to respond to help meet this demand in Australia and globally, leveraging our strong capital base which enables us to close deals all cash and finance opportunistically later.鈥�
The Melbourne acquisition follows two other recent Pembroke BTR acquisitions 鈥� The Lark in London, offering 195 high-quality BTR homes housing, and the Fitzroy in Washington DC.
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