Greystar has raised A$1.3bn (鈧�830m) for the Greystar Australia Multifamily Venture Fund I (GAMV I) fund in its second and final close.
GAMV I, which raised A$370m in February last year, is a four-way partnership with three institutional investors, including Dutch pension fund manager APG and Ivanho茅 Cambridge, and plan to potentially invest up to A$5bn in built-to-rent apartments in Australia.
Chris Key, managing director, Greystar Australia, told 麻豆映画 Real Assets that the third investor was a 鈥渓arge European鈥� pension fund. APG was the first investor in the partnership, and Greystar had a modest stake in the venture, he said.
鈥淲e have seeded the fund with two projects in Melbourne. One is a 686-apartment project on adjoining sites in South Yarra, and the second is a separate site for 700-apartments in South Melbourne.鈥�
Key said the fund was actively looking for sites in Sydney. 鈥淥ur ambition is to close on a number of those deals this year.鈥�
The focus of the new fund would be on key gateway cities, starting with Melbourne and Sydney, then, the economics permitting, Perth, Adelaide, Brisbane and Canberra.
鈥淟ooking out 10 years,鈥� he said, 鈥渨ith our equity backing and debt, we are looking at creating a portfolio of at least A$4bn, closer to A$5bn,鈥� Key said.
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