Australia鈥檚 first build-to-rent (BTR) real estate debt fund, managed by Qualitas, has invested A$120m (鈧�75m) in a Brisbane project as its maiden deal.
The Qualitas Build-to-Rent Impact Debt Fund (QBIF) has invested in the Cordelia project in the Queensland capital. Developer Arklife will operate the Qualitas Brisbane project of 265 apartments.
Tim Johansen, Qualitas global head of capital, told 91传媒在线 that Cordelia was significant for the fund as it would demonstrate to new investors what QBIF stood for through its lending programme.
鈥淥ur view is that, because BTR is such a new asset class in Australia, we needed a first deal for investors to see how a transaction is put together.鈥�
Apart from risk and return, he said, Qualitas felt that investors would want to know how the fund鈥檚 sustainability criteria could be achieved. The project would achieve this.
鈥淲e thought it was appropriate that we bring in assets to fund a seed loan,鈥� Johansen said.
鈥淏ased on that, we can move on with the second phase of our marketing and continue to raise capital.鈥�
He said QBIF had a target of raising A$1bn and was currently talking to domestic and global institutions interested in the concept of sustainable BTR projects.
As previously reported, Australia鈥檚 green bank, the Clean Energy Finance Corporation, is a cornerstone investor, with A$125m commitment.
Johansen said QBIF was currently evaluating half a dozen projects, which would require debt of between A$900m and A$1bn collectively.
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