The Greystar Australia Global Multifamily Venture has acquired two additional sites in Melbourne for build-to-rent (BTR) apartments, which are expected to have an end value of approximately A$500m (鈧�323.3m).
The acquisition of the sites at Fitzroy and Kensington will lift the fund鈥檚 portfolio, on completion, to around 2,000 apartments, valued at A$1.5bn, across a total of four projects, all located in Melbourne.
Chris Key, Greystar Australia managing director, told 麻豆映画 Real Assets: 鈥淎s long-term investors, the sites offer opportunities which excite us. They are located in two of our key submarkets in Melbourne.鈥�
Greystar launched its Australia fund in 2019, and, when it held its second close in 2020, had raised A$1.3bn from APG, Ivanhoe Cambridge and Finland鈥檚 largest private pension company, Ilmarinen. The fund鈥檚 aspiration is to build out a portfolio of some 5,000 BTR units.
Key said Greystar was undertaking due diligence on sites in Sydney, Brisbane and Melbourne. If these all came to fruition, they would 鈥渟ubstantially鈥� increase the platform鈥檚 portfolio.
鈥淲hether they proceed to consummate in transactions, only time will tell,鈥� he said, declining to provide details.
However, he did say that, given the challenges of real estate pricing, liquidity and debt currently in both the Australian and global markets, 鈥渨e are taking a measured approach to what we will be doing going forward鈥�.
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